Nvidia’s stellar earnings boost tech stocks in Asia and US

Nvidia’s stellar earnings boost tech stocks in Asia and US

Nvidia Corp, a leading maker of graphics chips and artificial intelligence software, reported a surge in revenue and profit for its latest quarter, beating analysts’ expectations and sending its shares to a record high. The company also raised its outlook for the current quarter, citing strong demand for its products across various sectors and regions.

Nvidia’s impressive performance sparked a rally in other technology stocks, both in Asia and the US. Asian markets mostly rose on Friday, following Wall Street’s lead, as investors cheered the positive signs from the tech sector. The Shanghai Composite Index gained 0.6%, the Hang Seng Index in Hong Kong added 0.8%, and the Kospi in South Korea advanced 0.9%. The Nikkei 225 in Japan edged up 0.1%, while the S&P/ASX 200 in Australia slipped 0.1%.

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On Thursday, the S&P 500 index rose 1.2% to close at an all-time high of 4,266.49, led by a 4.8% jump in Nvidia’s stock. The Nasdaq composite climbed 1.8% to 14,369.71, also a record high. The Dow Jones Industrial Average gained 0.9% to 34,196.82.

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Nvidia’s strong results reflect its dominant position in the fast-growing fields of gaming, data centers, cloud computing, and artificial intelligence. The company also benefits from the global chip shortage, which has boosted the prices and demand for its products. Nvidia said its revenue for the quarter ended May 2 rose 84% year-over-year to $5.66 billion, while its net income more than doubled to $1.91 billion. The company expects its revenue for the current quarter to be around $6.3 billion, well above analysts’ estimates.

Nvidia also announced a four-for-one stock split, which will take effect on July 20, to make its shares more accessible to investors. The company’s stock has soared more than 80% in the past year, making it one of the most valuable companies in the world, with a market capitalization of over $400 billion.

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Source : AP NEWS

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