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Nvidia Stock Rises and Leads Chip Makers Higher After AMD’s Strong Earnings

Feb 02, 2022

Nvidia Stock Rises and Leads Chip Makers Higher After AMD’s Strong Earnings

Nvidia led other chipmakers up early Wednesday on the heels of fourth-quarter earnings and a prediction from Advanced Micro Devices that exceeded analysts' expectations.

In premarket trade, Nvidia (NVDA) was up 5.3 percent to $259.52. Qualcomm (QCOM) climbed 3.1 percent on Wednesday, while Micron Technology (MU) gained 2%. Intel (INTC), AMD's major rival, was down 0.9 percent.

Xilinx (XLNX), which Advanced Micro Devices is acquiring, was up more than 11%.

Qualcomm is set to publish quarterly profits Wednesday following the closing bell, while Nvidia is expected to report on Feb. 16. Micron, a manufacturer of memory chips, posted solid fiscal first-quarter results in late December.

AMD reported adjusted fourth-quarter earnings of 92 cents per share, above analysts' expectations of 76 cents. Revenue was $4.8 billion in the period, growing 49% year over year and above Wall Street projections of $4.5 billion.

The business estimates first-quarter sales of $5 billion, plus or minus $100 million, up 45% year over year and 4% sequentially. The business anticipates a non-GAAP gross margin of 50.5 percent for the quarter, up from 50 percent in the fourth quarter. AMD estimates revenue of $21.5 billion in 2022, up 31% from 2021.

KeyBanc analysts increased their price target on AMD shares to $165 from $155 and maintained their Overweight rating, citing excellent data center performance and demand from cloud and business clients.

On Wednesday, AMD increased 11.5 percent to $130.18.

Nvidia was added to Raymond James' list of Analyst Current Favorites on Tuesday, with analysts stating that the company's growth rate "cannot be matched anywhere else in the semi industry, and we do not anticipate that trend changing anytime soon."

Raymond James rates Nvidia shares as a Buy and sets a price objective of $365.

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Netflix Stock Had Its Worst Day in Nearly 2 Decades. What Wall Street Is Saying
Netflix Stock Had Its Worst Day in Nearly 2 Decades. What Wall Street Is Saying

Netflix lost 200,000 customers in the third quarter, falling far short of its target of 2.5 million net additions. The streaming platform would have gained 500,000 customers if it had not lost 700,000 Russian subscribers. The business expects to lose 2 million net users in the June quarter.

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The VanEck Bitcoin ETF is set to debut on the market on November 16th
The VanEck Bitcoin ETF is set to debut on the market on November 16th

The Securities and Exchange Commission of the United States has officially approved VanEck's Bitcoin ETF, which is based on Bitcoin futures, to go into operation.

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5 Top-Tier Breakthrough Trading, Crypto and Fintech Industries Software Solutions in 2022
At the intersection of finance and technology, FinTech is an expansive industry that continues to grow at a rapid pace. This market features innovative approaches to goods and services offered by the conventional financial sector combined with technological advances from tech companies or new entrants.

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Top 10 White Label Exchange Solutions in 2022

As in the mining boom period, bitcoin exchanges are the pick-and-shovel of the new sector. Since 95 % of all cryptocurrency activity occurs on exchanges, crypto exchanges are vital for benefitting from the multibillion-dollar crypto industry.

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