Tech Stocks:
Following the closing bell on Wednesday, Nvidia announced a revenue projection that was more optimistic than anticipated, which resulted in an increase in the price of the artificial intelligence chipmaker’s stock as well as rises in other chip and technology firms.
Nvidia’s stock price was up 3.5% at the most recent time, while Advanced Micro Devices’ stock was up 1.2% and Broadcom’s stock was up 0.8% in after-hours trading.
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In light of the fact that many investors and analysts were anxious about Nvidia and the entire technology center before to this revelation, Michael Schulman, chief investment officer at Running Point Capital, stated, “I believe I heard a collective sigh of relief across Wall Street.”
Additionally, shares of Super Micro Computer, which increased by 2%, Dell Technologies, which increased by 1.5%, and Marvell Technology, which increased by 1.1%, all moved higher in late trade.
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“The numbers are good, but (the stock) could trade lower tomorrow after investors truly digest these numbers,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “The numbers are good.”
Technology companies have had significant growth since the previous year, with Nvidia being the primary driver of this trend. The stock of Nvidia has increased by 91% for the year up to the closing of trading on Wednesday.
Ahead of the release of Nvidia’s earnings, the company’s stock finished the day at $949.50, falling by 0.5%.
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