Nvidia Earnings Send Tech Sector Soaring to New Heights

Nvidia's strong quarterly results sent markets higher last week, with the company beating earnings and revenue expectations.

The semiconductor giant's stock price jumped almost 10 percent after its report, which also boosted other AI chip stocks and the technology sector as a whole.

Investors were encouraged by Nvidia's better-than-expected outlook for the third quarter and a $20 billion stock buyback plan.

However, some analysts may be concerned that hyperscalers like Google, Microsoft, and Amazon are beginning to build their own chips to reduce their dependence on Nvidia's products.