Nvidia (NVDA), the world’s largest company by market capitalization, reported fourth quarter results after the closing bell on Wednesday in a highly anticipated release amid growing concerns about how big bets on AI will pay off.
Nvidia’s quarterly results have become a market-moving event over the past few years, as the chipmaker sells the chips that underpin the AI boom, has deep financial relationships with the Big Tech firms and startups that buy those chips, and remains the most heavily weighted stock in the S&P 500 (^GSPC).
Stocks rose on Wednesday as concerns about AI disruption eased and the rolling sell-offs in software and other sectors paused. Helping lift tech stocks were several new features and partnerships that Anthropic (ANTH.PVT) unveiled, as well as AMD’s (AMD) 6-gigawatt GPU deal with Meta (META).
Nvidia’s results and guidance that beat estimates suggested that AI demand continues to grow, a powerful signal for the dozens of other tech and software stocks caught in Nvidia’s web of influence.
The post “Tech stocks today: Nvidia stock rises as guidance signals AI boom alive and well” first appeared on Yahoo Finance