Nvidia heads toward $2 trillion market cap after blowout forecast

Beamr Imaging

22/02/2024 10:04

** Shares of Nvidia  NVDA.O  jump 13.9% to $768.8 in
premarket trading - on track to hit a record high at market open
    ** The chip designer forecast a roughly threefold surge in
quarterly revenue that handily beat estimates as it banked on
towering demand for its artificial-intelligence (AI) chips
    ** Stock set to add more than $230 bln in market cap, taking
it closer to the $2 trillion mark for the first time 
    ** Co also forecast Q1 revenue growth of 233%, ahead of Wall
St est of 208% growth
    ** Thursday's early gains put Nvidia on track to reclaim the
title of the third most valuable U.S. company, behind Microsoft
 MSFT.O  and Apple  AAPL.O  
    ** U.S.-listed shares of British chip designer Arm Holdings
 O9Ty.F   ARM.O  gains 9.6%, Super Micro Computer  SMCI.O , seen
as a big beneficiary of strong AI technology demand, jumps 14.6%
    ** Other chipmaker Advanced Micro Devices  AMD.O  up 5.9%
    ** Smaller AI firms: Bigbear.ai  BBAI.N  climbs 9.3%, C3.ai
 AI.N  up 6.5%, SoundHound AI  SOUN.O  rallies 8.8%
    ** VanEck Semiconductor ETF  SMH.O  up 5.8%, iShares
Semiconductor ETF  SOXX.O  adds 4.0% 
    ** Low-float Beamr Imaging  BMR.O , an Israel-based video
software maker that said last week it would present research
relating to automated video modernization with Nvidia, rallies
23.0%

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com;))