Nvidia’s stock saw a significant increase of 6.7% and reached an all-time high following the announcement of a $25 billion stock buyback plan and record quarterly revenue driven by strong demand for its AI-focused chips. The company’s second-quarter revenue of $13.51 billion exceeded analyst expectations, and they predicted revenue to reach $16 billion in the third quarter. Nvidia’s stock rose as high as $502.66 during the session, surpassing its previous record. As a result, the stock is now up 223% year-to-date, making Nvidia the first trillion-dollar chip maker. Other chipmakers, such as Marvell Technology, Advanced Micro Devices Inc, and Intel, experienced declines as investors focused on Nvidia. The Nasdaq Composite, influenced by Nvidia, initially rose but ultimately finished lower by 1.87%. Over 20 brokerages raised their target price on Nvidia after the earnings report, with Elazar Advisors and Rosenblatt Securities being the most bullish. The increased target prices indicate growing investor confidence in Nvidia’s performance. Nvidia’s dominance in the AI technology market, particularly in the rise of ChatGPT and other generative AI technology, has contributed to investor euphoria.
Nvidia’s $25 billion buyback plan, results lift stock to record high
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