Nvidia, TSMC-Rival Texas Instruments Shares Surge In Pre-Market After Beating Q2 Estimates
Portfolio Pulse from Benzinga Neuro
Texas Instruments (NASDAQ:TXN) shares surged in pre-market trading after reporting Q2 earnings that exceeded expectations. The company reported earnings of $1.22 per share, surpassing the consensus estimate of $1.17. Quarterly sales were in line with estimates at $3.82 billion. The semiconductor sector, including Nvidia (NASDAQ:NVDA), has been performing well, driven by interest in AI.
July 24, 2024 | 10:45 am
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Nvidia, a major player in the semiconductor sector, has seen its stock rise 40% year-to-date in 2023, driven by growing interest in AI. Analyst Stacy Rasgon highlighted multiple expansion opportunities for Nvidia in the second half of the year.
The overall positive sentiment in the semiconductor sector, driven by AI interest, is likely to continue supporting Nvidia's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Texas Instruments shares rose 2.75% in pre-market trading after reporting Q2 earnings of $1.22 per share, beating the consensus estimate of $1.17. Quarterly sales were in line with estimates at $3.82 billion. The company expects Q3 revenue between $3.94 billion and $4.26 billion.
The positive earnings surprise and strong revenue guidance for Q3 are likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100