Nvidia's Blowout Report Sends Chip Stocks Soaring
Nvidia's blowout Q2 report sent chip and AI-linked stocks soaring in premarket trading, with Intel shares rising 3% and Advanced Micro Devices (AMD) stock gaining about 1.8%. The gains were a result of Nvidia's robust financials, which included more than doubled revenue to $96.2 billion and adjusted net income of $2.22 per share.
Nvidia's data center division drove most of the growth, contributing $89 billion in revenue, exceeding average estimates of $85.8 billion. The company's current-quarter (Q3) forecast of $108 billion in revenue also beat analyst projections of $103.9 billion.
On Stocktwits, retail sentiment was 'bullish' for Intel and Broadcom (AVGO), with one trader saying, '$INTC wow futures green, kospi up, treasury yields coming down, oil coming down, may be looking good tomorrow.'