Chipmakers, AI stocks surge after Nvidia's upbeat revenue forecast
25/05/2023 10:21
** Shares of U.S. chipmakers and AI-related stocks advance
in premarket trading after the world's most valuable listed
semiconductor co Nvidia Corp NVDA.O forecast Q2 rev more than
50% above analysts' estimates
** NVDA shares jump 24.3% premarket
** Advanced Micro Devices Inc AMD.O , Broadcom Inc AVGO.O
Micron Technology Inc MU.O and Marvell Technology Inc MRVL.O
gain between 2.4% - 9.0%
** Shares in Taiwan Semiconductor Manufacturing Co 2330.TW
closed more than 3% higher in Asia trading, while its
U.S.-listed shares TSM.N gain 5.7%
** Intel Corp INTC.O , which has little AI exposure, dips
0.1%
** Other U.S. chip and chip equipment makers including
Applied Materials Inc AMAT.O and Lam Research Corp LRCX.O
rise 3.1% and 3.2%, respectively
** European chipmakers joined in the cheer, with ASM
International ASMI.AS , BE Semiconductor BESI.AS and ASML
Holding ASML.AS all advancing more than 5%
** NVDA also says boosting supply to meet surging demand for
its artificial-intelligence chips, pushing shares of AI-related
stocks higher
** C3.ai Inc AI.N , Palantir Technologies Inc PLTR.N ,
SoundHound AI Inc SOUN.O , Guardforce AI Co GFAI.O and
BigBear.ai Holdings BBAI.N gain between 7.0% and 13.3%
** Alphabet Inc GOOGL.O rises 2.2%, while Microsoft Corp
MSFT.O adds 1.8%
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com;))