Key Takeaways
- Several stocks are rising Thursday morning after Nvidia’s first-quarter revenue topped estimates.
- Competing chipmakers like Broadcom and Advanced Micro Devices were up, along with other hardware makers like Dell and Super Micro Computer.
- Some energy stocks were also lifted as increasing power demand for AI-focused data centers is expected to boost their revenue.
Nvidia’s (NVDA) solid first-quarter results reported after the bell on Wednesday are lifting a number of stocks across the chip and server industries Thursday morning.
Shares of a range of hardware makers like Super Micro Computer (SMCI) and Vertiv Holdings (VRT) each rose in premarket trading, while two of Nvidia’s biggest chipmaking competitors Broadcom (AVGO) and Advanced Micro Devices (AMD) were each up 2%.
Dell (DELL) and HP Enterprise (HPE) stocks were up 1% Thursday morning, as JPMorgan analysts said Nvidia’s earnings showing strong demand and supply of Nvidia’s latest products serves as a strong signal for the server makers’ earnings and outlooks.
Shares of a pair of energy-related companies, GE Vernova (GEV) and Constellation Energy Group (CEG), were also up just over 1% as nuclear energy stocks have been lifted by the AI trade and expected rise in power demand that more data centers will bring.
Nvidia shares were still leading the way, up more than 5% about 45 minutes ahead of markets opening on Thursday.
:max_bytes(150000):strip_icc()/GettyImages-2215472300-dde93327370942948abb7b4c87715ab8.jpg?ssl=1&description=These+Stocks+Are+Rising+Due+to+Nvidia%E2%80%99s+Solid+Earnings+Report){kind=link}