By George Glover
Nvidia stock reversed losses and turned higher Tuesday afternoon, on what is expected to be a crucial week of tech earnings kicks off.
Shares in the artificial intelligence darling rose 0.73% to $141.54 in afternoon trading. The benchmark S&P 500 index was also modestly higher, after being down earlier in the day.
Nvidia closed 0.7% lower on Monday at a market capitalization of $3.45 trillion -- about $100 billion short of iPhone maker Apple, the world's `largest` company in terms of total valuation.
While the semiconductor designer isn't due to post its own September-quarter results until Nov. 20, this week looks a little like the World Series of Big Tech earnings, with five members of the megacap "Magnificent Seven" group set to report.
Google parent Alphabet is first up, with its results due after Tuesday's closing bell.
Nvidia shareholders will be keeping a close eye on the search-engine provider's capital spending levels, which could offer a clue as to whether demand for its AI-powering graphics processing units can carry on growing at such a rapid pace. Nvidia doesn't publicly disclose its partners, but Bloomberg estimates that Alphabet is one of the company's biggest customers.
Fellow semiconductor maker Advanced Micro Devices is also set to report earnings late Tuesday, and its sales numbers could also give investors insight about how demand for AI chips is holding up.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
October 29, 2024 13:29 ET (17:29 GMT)
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