Nvidia stock rose early Friday, clawing back some losses in a week in which the world's leading chip maker resided mostly in the red.
The stock was up 1.9% to $135.23 in the premarket Friday while futures tracking the tech-heavy Nasdaq were up 0.3%. Nvidia shares fell 4.7% Thursday amid a larger selloff that saw all the big U.S. indexes end October with a loss. Over the past five days the stock has fallen 6.2%.
Some of Nvidia's big tech clients and peers posted updates this week. Intel and Amazon both reported quarterly earnings Thursday after the bell. E-commerce giant Amazon posted results that beat analysts' expectations and said hefty investments in artificial intelligence would continue, which is good for Nvidia that provides the advanced semiconductors necessary for AI.
Meanwhile, Intel, a chipmaking rival that has struggled to keep up with it and AMD, said it isn't going to achieve its AI forecast, which could mean Nvidia has one less competitor to worry about in the AI chip space.
Nvidia's stock is up 168% so far this year, significantly outperforming both the Nasdaq Composite and the benchmark S&P 500 index which are up 21% and 20%, respectively.
