Nvidia’s earnings report crushed analysts’ forecasts and tamped down on the market’s fears of an AI bubble bursting.
The three major market indexes rallied as trading opened Thursday, as Nvidia’s stock rose after quarterly earnings blew past Wall Street’s forecasts, curbing fears of an AI bubble that had weighed on the market in recent weeks.
Nvidia President and CEO Jensen Huang delivers the keynote address during the Nvidia GTC .The Dow Jones Industrial Average advanced roughly 600 points , while the S&P 500 rose 1.6% and tech-heavy Nasdaq jumped 2% after an earlier premarket rally. Nvidia headlined gains across the Nasdaq as shares traded up more than 3.5% to around $193, with increases from Broadcom , Intel , AMD , Tesla and Alphabet . The chipmaker also led the Dow, adding to gains for Walmart , Goldman Sachs , IBM , Amazon and Apple .in its third-quarter earnings report on Wednesday evening, comfortably beating analyst estimates of $54.9 billion, according to FactSet data. A lion’s share of the company’s revenue, $51.2 billion, came from data center sales as companies push to scale up their AI infrastructure using Nvidia’s advanced AI chips. The company’s revenue was up 22% from its second quarter and 62% year-over-year.
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