Nvidia Earnings Spark Rally in Tech Stocks, Bitcoin
Nvidia's stock price surged by over 8% in premarket trading on August 27 after the company released its quarterly earnings report, which exceeded Wall Street expectations. The chipmaker reported a revenue of $96.22 billion for the quarter ended July 26, up 18% from the previous quarter and 106% from one year earlier.
The Data Center division remained Nvidia's dominant sector, with revenue reaching $89 billion, rising 18% sequentially and 117% from the prior-year quarter. It accounted for more than 92% of total revenue.
Bitcoin rose by approximately 2.4% to trade near $80,400 after Nvidia's report, while Nasdaq 100 futures advanced about 1.1%. The simultaneous moves reflected wider demand for technology and other risk assets following Nvidia's earnings release.