(Bloomberg) — US equity futures rallied and Asian stocks gained after upbeat earnings from Nvidia Corp. reinforced optimism over the global artificial-intelligence boom.
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The giant chipmaker said second-quarter revenue will be about $28 billion, beating analysts’ estimates. The company also announced a 10-for-1 stock split and boosted its quarterly dividend by 150% to 10 cents a share. Nvidia’s results sent its shares as much as 7% higher in after-hours trading.
Asian stocks were broadly higher, driven by gains in semiconductor manufacturers in South Korea, Taiwan and Japan. A Bloomberg gauge for chipmakers jumped as much as 1.9%, taking its lead from Nvidia’s results.
Nvidia’s earnings “gives more room for upside for Asian semiconductor stocks,” said Rajat Agarwal, Asia strategist at Societe Generale SA in Bengaluru. “It elongates the growth story and allays any concerns of slowdown for Asian chipmakers.”
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2024-05-23 00:06:11
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