Nvidia Is Jumping Today -- Is the Artificial Intelligence (AI) Stock a Buy?
Nvidia (NASDAQ: NVDA) stock is rising Thursday amid a bullish backdrop for the broader market. The company's share price was up 4.4% as of 1:15 p.m. ET. At the same point in the day's trading, the S&P 500 index was up 0.9% and the Nasdaq Composite had risen 1.8%. Earlier in the session, Nvidia stock had been up as much as 5.5%.Microsoft and Meta Platforms reported quarterly results after the market closed yesterday, and strong results and guidance from both companies is helping to push Nvidia's valuation higher today. But even with today's gains, Nvidia stock is still down roughly 24% year to date as of this writing. Microsoft is reportedly Nvidia's biggest customer, and Meta is said to be the artificial intelligence (AI) hardware leader's second-biggest client. With their recent quarterly reports, Microsoft and Meta have helped bolster the bull case for Nvidia stock. In addition to posting sales and earnings beats that were heavily driven by AI technologies and services, both companies signaled that they are continuing to spend heavily on artificial intelligence processors.Continue reading
Nvidia (NASDAQ: NVDA) stock is rising Thursday amid a bullish backdrop for the broader market. The company's share price was up 4.4% as of 1:15 p.m. ET. At the same point in the day's trading, the S&P 500 index was up 0.9% and the Nasdaq Composite had risen 1.8%. Earlier in the session, Nvidia stock had been up as much as 5.5%.
Microsoft and Meta Platforms reported quarterly results after the market closed yesterday, and strong results and guidance from both companies is helping to push Nvidia's valuation higher today. But even with today's gains, Nvidia stock is still down roughly 24% year to date as of this writing.
Microsoft is reportedly Nvidia's biggest customer, and Meta is said to be the artificial intelligence (AI) hardware leader's second-biggest client. With their recent quarterly reports, Microsoft and Meta have helped bolster the bull case for Nvidia stock. In addition to posting sales and earnings beats that were heavily driven by AI technologies and services, both companies signaled that they are continuing to spend heavily on artificial intelligence processors.
