Nvidia Rose More Than 5%, with Shares Back at $900

Dow Jones03-12

Nvidia was rising early on Tuesday. The chip maker's pivotal role in the artificial-intelligence market was underlined by earnings from software company Oracle.

Nvidia rose more than 5%, with shares back at $900.

Nvidia stock closed down 2.0% at $857.74 on Monday. That left the company valued at $2.19 trillion overall.

The strong market for Nvidia's graphics-processing units was emphasized by enterprise-software giant Oracle in the latter company's own earnings report after the market close on Monday. Oracle signed a new cloud-computing infrastructure deal with Nvidia in its latest quarter and said it plans to boost capital spending in the next fiscal year, suggesting sustained demand for AI chips.

The next major catalyst for Nvidia is likely to be its GTC developers' event, which kicks off on March 18.

"We expect to have some very nice joint announcements with Nvidia next week," Oracle CEO Safra Catz told analysts on an earnings call late Tuesday.

The statements should relieve concerns that shortages in chip supply from Nvidia are causing customers such as Oracle to turn to rivals, such as Advanced Micro Devices. AMD was up 1.1% in premarket trading and Intel was gaining 0.4%.

Nvidia shares have risen 73% so far this year through to Tuesday's close. That compares with a 7.3% rise in the S&P 500 index and a 6.7% rise in the Nasdaq Composite Index over the same period.

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Comments

  • BrandonLhy
    03-13
    BrandonLhy
    Never give up spirit,giving up is only for the weak we risk takers never give up! you reap what you sow. come on let's hit a new high!🙏
  • Eno3108
    03-12
    Eno3108
    Wowwwwww
  • Itipiso
    03-12
    Itipiso
    I guess next earnings report will blow your mind 
  • R4mpage
    03-12
    R4mpage
    [Miser]  i guess it's Going to hit 1400 soon 
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