Mid-Week Wrap: 29 May 2024
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Market Mood
Nvidia Corp., a key player in the AI-driven chip industry, experienced a significant stock surge on Thursday after projecting second-quarter revenue of $28 billion, surpassing analyst expectations of $26.8 billion. First-quarter results also exceeded forecasts, driven by growth in the data-center division. Nvidia’s stock rose 9.3% to $1,037.99, boosting the company's valuation by nearly $220 billion, now exceeding Intel's market capitalization. The company announced a 10-for-1 stock split and a 150% increase in its quarterly dividend to 10 cents per share. This rally positively impacted other AI-related stocks. Nvidia aims to expand its market reach beyond large cloud-computing providers into sectors such as consumer internet, automotive, biotechnology, and healthcare, as highlighted by CEO Huang.