Nvidia Stock Zooms Past $1000, Lifts AMD Shares: What's Powering AI Chip Plays Premarket?
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) shares surged in premarket trading after reporting stellar Q1 earnings and revenue, surpassing expectations. The company announced a 150% dividend hike, a 10-for-1 stock split, and strong prospects for AI-related revenues. Analysts reaffirmed their bullish stance, with KeyBanc Capital Markets raising the price target to $1,300. Nvidia's market cap is nearing $2.48 trillion. Advanced Micro Devices, Inc. (NASDAQ:AMD) also saw a premarket rise, benefiting from Nvidia's positive momentum.
May 23, 2024 | 9:31 am
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POSITIVE IMPACT
Advanced Micro Devices (AMD) shares rose 2.70% in premarket trading, benefiting from Nvidia's positive earnings report and strong AI-related revenue prospects.
AMD's rise is indirectly influenced by Nvidia's strong performance and positive outlook in the AI chip market, which boosts overall sector sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Nvidia's Q1 earnings and revenue exceeded expectations, leading to a 6.69% premarket surge. The company announced a 150% dividend hike, a 10-for-1 stock split, and strong AI-related revenue prospects. Analysts raised price targets, with KeyBanc setting it at $1,300.
Nvidia's strong Q1 performance, dividend hike, and stock split are significant positive catalysts. The upbeat revenue outlook and analyst upgrades further boost investor confidence.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100