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By Staff Reporters
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You can’t stop Nvidia and AI? The tech stock continued its post-earnings explosion yesterday, skyrocketing 16% and taking the entire stock market along with it. All three major indexes increased, with the S&P 500 notching another record high, as investors rode the surging waves.
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Nvidia’s Q4 and full-year 2023 earnings smashed records, all but ensuring AI hype will continue for the foreseeable future. The chipmaker reported Q4 revenue of $22.1 billion, up 265% from Q4 2022, and a diluted EPS of $4.93, up 33% from last quarter and a whopping 765% from this time last year. (And, no, Lyft, those aren’t typos.)
“Accelerated computing and generative AI have hit the tipping point,” Nvidia’s founder and CEO Jensen Huang crowed in a press release. “Demand is surging worldwide across companies, industries, and nations.”
Nvidia’s made itself inescapable merely by virtue of being so big. Last week, it became the nation’s third-largest company, reaching a market cap of $1.83 trillion. It’s driven about a third of the NASDAQ 100’s gains this past year, according to Fast Company. That being the case, Nvidia’s performance can serve as a litmus test for the stock market itself.
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Filed under: Accounting, Alerts Sign-Up, Experts Invited, Financial Planning, Investing | Tagged: AI, artificial intelligence, Jensen Huang, NASDAQ, Nvidia |
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