US tech stocks are falling despite Nvidia, the chipmaker driving the artificial intelligence (AI) led stock market boom, reporting stronger than expected earnings.
NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) shares moved lower after Wednesday's closing bell despite the chipmaker's second quarter earnings topping estimates and guiding revenue above forecasts for the current quarter. For Q2 fiscal 2025, earnings per share of $0.68 topped estimates of $0.64.
Expectations for the chipmaker have been through the roof because of its dominance in a key component for artificial intelligence systems.
Nvidia continued its long run of topping Wall Street expectations in its latest quarterly earnings report published Wednesday, setting multiple earnings records amid significant year-over-year gains in sales and net income.
Nvidia delivered strong quarterly revenue growth and a robust financial outlook, indicating persistent momentum in the nearly two-year-old AI boom despite concerns that investment has surged ahead too quickly.
Nvidia reported earnings after the bell that exceeded Wall Street expectations for earnings and guidance, and provided stronger-than-expected guidance for the current quarter, CNBC noted.
The main event of earnings season is here. NVIDIA (Nasdaq: NVDA) just reported earnings.
Nvidia is the primary beneficiary of the ongoing artificial intelligence boom. Nvidia reported earnings after the bell that beat Wall Street expectations, and provided stronger-than-expected guidance for the current quarter.
Nvidia said Wednesday that its board of directors has approved a $50 billion stock buyback.
Chipmaker, third most valuable company in world, records $30.04bn in revenue, showing AI demand continues to rise
Nvidia forecast third-quarter revenue above Wall Street estimates on Wednesday, betting on sky-high demand for its chips as more companies seek to build our their artificial-intelligence businesses.
AI giants Super Micro and TSMC stock have a competitive advantage over the NVDA stock and are next in line to be the world's most valuable companies.