Palantir Technologies Inc shares are moving higher in Wednesday’s after-hours session following better-than-expected earnings results from Nvidia Corp. Here’s what you need to know.
PLTR Price Action: Palantir shares were up more than 5% after hours at $23.94.
What To Know: Nvidia reported fourth-quarter revenue of $22.1 billion, which beat the consensus estimate of $20.62 billion. The company reported quarterly earnings of $5.16 per share, which beat estimates of $4.64 per share.
Data center revenue was up 409%, gaming revenue climbed 56%, professional visualization revenue increased 105% and automotive revenue declined 4% on a year-over-year basis.
Nvidia guided revenue for fiscal year 2025 at approximately $24 billion, plus or minus 2%, versus estimates of $22.16 billion.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations,” said Jensen Huang, founder and CEO of Nvidia.
“The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward.”
Both Nvidia and Palantir have benefitted from surging AI demand over the last year and a half. Palantir reported its quarterly results in early February. The company said it continued to see outsized demand for its AI platform.
Several other AI-related names are moving higher alongside Nvidia, including C3.Ai Inc, SoundHound AI Inc, and BigBear.Ai Inc. Several chipmakers are also getting a boost as Nvidia shares move higher.
It’s also worth noting that Nvidia reported investments in Arm Holdings, Recursion Pharmaceuticals, SoundHound AI, TuSimple Holdings and Nano-X Imaging earlier this month in a 13-F filing with the SEC. All of these names are also moving higher following Nvidia’s results.
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