Nvidia Gives Upbeat Forecast, Block Expects Profit Growth, Alphabet Soars
On this episode of Stock Movers:
- Nvidia (NVDA), the world’s most valuable company, gave a strong revenue forecast for the current period, helping counter concern that a global surge in AI spending is poised to fizzle. Sales will be about $65 billion in the fiscal fourth quarter, which runs through January, the chipmaker said in a statement Wednesday. Analysts had estimated $62 billion on average, with some predictions ranging as high as $75 billion. Nvidia shares gained about 5% in late trading after the report was released. They had been up 39% this year through the close.
- Block (XYZ) shares rose about 7% after the payments firm, led by Jack Dorsey, said it expects profit growth to accelerate over the next three years while launching products at a faster clip and doubling down on efforts to integrate its consumer-focused Cash App and merchant payment service Square.
- Alphabet (GOOG) shares soared the most in two months on Wednesday as a wave of glowing reviews for the newly released version of its Gemini artificial intelligence model spurred investor confidence about the company’s position in the ever-changing tech landscape.
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