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Nvidia earnings boomed and the CEO touted the "next industrial revolution." Will the AI chip leader lift the market rally?

Brought to you by Yahoo! Finance
22 May, 2024 / 22:47

Nvidia's (NVDA) fiscal first-quarter earnings results are the biggest story in this installment of Market Domination Overtime with Julie Hyman and Josh Lipton. The Dow Jones Industrial Average (^DJI) dropped 200 points ahead of Nvidia's standout earnings figures. Nvidia ended up beating estimates for its 2025 first-quarter, posting revenue of $26 billion (expected $24.69 billion) and adjusted earnings of $6.12 per share (expected $5.65 per share). Defiance ETFs CEO and CIO Sylvia Jablonski sat down with Yahoo Finance to discuss the lasting impact on markets, tech, and other industries. VF Corp (VFC) and Synopsys (SNPS) shares react to their latest earnings data. Yahoo Finance's Jennifer Schonberger also break down the latest news out of Washington, D.C. regarding the the Financial Innovation and Technology for the 21st Century Act — or FIT21 — that could provide a regulatory framework for cryptocurrency. Both bitcoin (BTC-USD and ethereum (ETH-USD) prices are moving on this news as experts look ahead to how the Senate will vote on this if it passes through the House. This post was written by Luke Carberry Mogan.

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22 May, 2024 / 22:05

Nvidia (NVDA) shares are rising in extended-hours trading after the chip giant topped first quarter earnings estimates and announced a 10-for-1 stock split. Public Ventures President and Chief Market Strategist Lou Basenese joins Asking for a Trend to break down the earnings and analyze how long the company can keep up the momentum. Despite beating Wall Street's expectations, Basenese highlights that the magnitude of Nvidia's beat is the smallest it has ever been, at about 8%. He warns, "Expectations at some point are going to get too far ahead of what Nvidia can deliver, but it's not yet." "I think it's the leading candidate to be the next $3 trillion market cap company, but if I had a dollar to put to work today and I want to 10x it, it's not Nvidia. It's probably in the smaller cap side of the market," he adds, saying that of the "Magnificent Seven," Alphabet (GOOG, GOOGL) is the most "reasonably valued." Basenese calls Nvidia's stock split a "brilliant move psychologically," as buying a stock at a lower price is more enticing. He adds that it does not change any of Nvidia's fundamental metrics or value calculations. For investors looking to get in on the AI sector, Basenese highlights Microsoft's (MSFT) ability to push AI products onto the market to create demand. He also points to Apple (AAPL) as "the sleeper AI play."  "Apple is kind of perceived as they missed the boat ... they're never first or second to market. They come in later, but then they go. They come in late, but they end up being the leader." He adds, "They have two billion active devices in use. If they just iterate and add a little AI somewhere, it has a magnified impact." For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Melanie Riehl

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22 May, 2024 / 21:42

Soccer superstar Lionel Messi is one of the most well-known sports figures around the world and can have an influence on the growth of ...

Brought to you by FinancialContent
22 May, 2024 / 21:07
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