NASDAQ 100: NVIDIA effect spills over
The numbers out last night from NVIDIA have had a burnishing effect on many global markets. IGTV’s Jeremy Naylor looks at the NASDAQ, AMD, and Intel, while chip stocks in Europe are also on the rise.
(Video Transcript)
NVIDIA
The artificial intelligence chip manufacturer and the designer NVIDIA has had a tremendous ride over the last six or eight months or so and last night after it came out with earnings which beat pretty much every single aspect of any analyst's expectations and the stock sort of gained to record highs. I want to show you the share price chart before I go on to other areas of the market but this has had a tremendous effect on other chip stocks and other markets generally.
NVIDIA earnings
This is the reaction we saw yesterday, up 13.2% in extended trade on the IT platform last night after the earnings and the outlook for a very robust current quarter, the third quarter of the year and the stock is up again all sessions on the IT platform today. We did see a little bit of a drawback, we're not on a new record high all sessions at the moment for NVIDIA but it really has been a tremendous ride and it's helped a lot of the major indices.
This is the NASDAQ you can quite clearly see on the 24-hour market yesterday gaining but interestingly enough it's come through as well with other chip stocks, some chip stocks that don't specialize in artificial intelligence but are getting a benefit out of it.
Intel
Advanced micro devices, all sessions on the IT platform in yesterday's trade are up considerably, there's a little bit of a movement down at the moment for that stock but broadly speaking holding on to the 7 or 8% we saw yesterday, Intel up 5% yesterday, building on that we're at a near one and a half week high now for Intel, all sessions on the IT platform but it's also had an effect here on this side of the Atlantic as well with other companies benefiting, this is ST Microelectronics, the French chip manufacturer up in today's session as a result.
It's not a big move but the company is not majoring in artificial intelligence but it does have an effect across the market so the NVIDIA numbers out last night having a big effect on many markets around the world.
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