Tech-driven Nasdaq was subdued on Aug. 29, 2024. However, these Technology equities ETFs stayed strong despite the ongoing NVIDIA-driven tech volatility.
Pure Storage Inc. NYSE: PSTG delivered earnings on the same day as NVIDIA Corp. NASDAQ: NVDA. While the company's report didn't garner enough interest for a watch party like that of NVIDIA, there are a couple of points from NVIDIA's earnings report that can apply to your outlook for Pure Storage.
Nvidia Corp. NVDA shares, which pulled back sharply on Thursday following the artificial intelligence stalwart's quarterly results, are finding their feet. In premarket trading on Friday, the stock rebounded by nearly 1.5%.
In yesterday's post (“How We're Playing Nvidia Ahead Of Earnings Today”), I wrote that we had about coinflip odds of our Nvidia (NVDA) earnings trade working out:
Nvidia is now down by more than 10% from its recent high after it reported earnings. The Invesco PHLX Semiconductor ETF can let you get exposure to all of the major chipmaker stocks.
Nvidia beat forecasts on the top and bottom lines when it reported quarterly financial results on Aug. 28.
Nvidia's aggressive share repurchases contrast with market uncertainty about its valuation. The company's parabolic revenue growth reflects the insatiable demand for AI-capable GPUs.
NVDA stock is down 5% after the company reported earnings.
Nvidia and Super Micro Computer were the best-performing stocks in the S&P 500 over the last three years, and Wall Street is forecasting more upside. Nvidia is the market leader in artificial intelligence chips, but the company is truly formidable because its portfolio spans hardware, software, and services.
Nvidia largely looks to have addressed concerns about a delay to its next-generation Blackwell chip and any potential knock-on effect to demand.
Nvidia's board of directors just authorized $50 billion more for share repurchases. This big number may not be big enough to excite investors.
Nvidia's H100 graphics processing unit (GPU) quickly became the top choice of businesses in artificial intelligence (AI)-accelerated data centers. A key performance indicator for Nvidia is declining for the first time in two years.