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Business News/ Markets / Stock Markets/  Nvidia stock riding a wave created by blowout earnings, jumps over 5% in mixed stock market
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Nvidia stock riding a wave created by blowout earnings, jumps over 5% in mixed stock market

At 12:00 p.m. EDT, Nvidia Corp. stock was at $1,125.88, higher 5.73 per cent.

Nvidia had reported a net profit of $14.9 billion and revenue of $26 billion, almost four times as compared with the same fiscal quarter last year. APPremium
Nvidia had reported a net profit of $14.9 billion and revenue of $26 billion, almost four times as compared with the same fiscal quarter last year. AP

Nvidia Corp. stock on Tuesday jumped more than 5 per cent in a volatile US stock market.

The stock is still riding a wave created by the chip giant’s latest blowout earnings report declared last week.

ALSO READ: Wall Street week ahead: Investors’ focus on Fed preferred inflation gauge

At 12:00 p.m. EDT, Nvidia Corp. stock was at $1,125.88, higher 5.73 per cent.

Nvidia, the world’s third-most valuable company had reported a net profit of $14.9 billion and revenue of $26 billion, almost four times as compared with the same fiscal quarter last year.

The chipmaker had also announced stock split a 10-for-one and lifted its quarterly dividend by 150 per cent as demand continues to exceed supply for its high-end chips.

The chipmaker company had reported more than 200 per cent jump in its sales for a third straight quarter owing to heavy demand for AI processors.

As the Nvidia stock rose to a record, chief executive officer (CEO) Jensen Huang’s holdings now stand at more than $90 billion in the company.

Presently, Huang holds about 86.76 million shares of Nvidia - over 3.5 per cent of the outstanding shares.

ALSO READ: Wall Street today: US stocks mixed as investors await Fed preferred inflation data

Nvidia was founded by Jensen Huang in 1993 to build GPUs for 3D gaming. Later, the company entered other markets including cloud gaming subscriptions, metaverse and cryptocurrency mining chips. 

“We are fundamentally changing how computing works and what computers can do," Jensen Huang had said last week.

US stocks

On Wall Street, the US stock indices were mixed on Tuesday as investors are awaiting the US Federal Reserve’s preferred inflation data later in the week.

At 11:29 a.m. the Dow Jones Industrial Average fell 130.37 points, or 0.33 per cent, to 38,939.22, the S&P 500 gained 3.92 points, or 0.07 per cent, to 5,308.64 and the Nasdaq Composite gained 87.15 points, or 0.52 per cent, to 17,008.27.

Nvidia’s gains also lifted its fellow chip stocks. 

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Published: 28 May 2024, 09:50 PM IST
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