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Nvidia (NVDA) Shows AI Stocks Can Keep Rallying With Earnings Beat, Forecast

May 23, 2024 - bloomberg.com
Nvidia Corp. has boosted confidence among traders who believe there is still potential for growth in the artificial intelligence computing stocks, including its own. This follows an impressive earnings report and forecast from the chipmaker, which saw its shares increase by over 7% in post-market trading.

The positive results have quelled concerns that the surge in spending on data-center equipment over the past year might be due for a slowdown. Nvidia's strong performance suggests the market still has room to run.

Key takeaways:

  • Nvidia Corp. has given a positive signal to traders betting on the continued rally in artificial intelligence computing stocks.
  • The company's own stock is also expected to continue its upward trend.
  • Nvidia's recent earnings report and forecast exceeded expectations, leading to a more than 7% increase in its shares in postmarket trading.
  • The strong performance has eased concerns that the recent increase in spending on data-center equipment might be due for a slowdown.
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