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Home»Finance»Nvidia Ignites AI Chip Stock Rally After ‘Blow-Out’ Forecast
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Nvidia Ignites AI Chip Stock Rally After ‘Blow-Out’ Forecast

May 25, 2023No Comments2 Mins Read
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Nvidia Ignites AI Chip Stock Rally After ‘Blow-Out’ Forecast
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(Bloomberg) — Nvidia Corp. results showing that customers are binging on chips used in artificial intelligence computing sent stocks tied to the burgeoning technology soaring globally.

Most Read from Bloomberg

Nvidia gained as much as 29% in late New York trading, while its rival Advanced Micro Devices Inc. jumped 10%. The outlook provided evidence that Nvidia is benefiting even more from the AI frenzy than thought possible, helping it weather a broader slowdown in technology spending.

Its suppliers are reaping rewards as well. Taiwan Semiconductor Manufacturing Co., which manufactures Nvidia’s chips, rose as much as 3.8% in Taipei. Equipment supplier Advantest Corp. surged 20% to an all-time high in Tokyo, while memory-chip maker SK Hynix Inc. advanced 6.8% in Seoul.

Read more: Nvidia Soars After AI-Fueled Forecast Shatters Expectations

Investors were looking to Nvidia for evidence that the surge in interest in artificial intelligence this year is resulting in higher sales of chips that provide the computing power. The semiconductor maker delivered that and more with a revenue forecast for the current quarter that dwarfed the average analyst estimate.

Nvidia “provided blow-out guidance, powerfully underscoring the bull thesis that this company sits at the heart of one of tech’s seminal transition points,” said Adam Crisafulli, founder of newsletter Vital Knowledge.

“Truly spectacular orders coming through for NVDA’s A100 and H100 AI chips,” said Amir Anvarzadeh, a strategist at Asymmetric Advisors Ltd. in Singapore. “More importantly for Asian equity investors, they point out that all the orders are being passed on to TSMC,” which has “more than adequate” capacity to fill the orders.

See also  Sean Hannity Whitewashes The 1/6 Attack As Moms And Dads Attending A Trump Rally

Anvarzadeh notes that TSMC is still reasonably priced, trading at about 16 times estimated earnings for this year versus nearly 70 times for Nvidia. Still, Asian chip stocks are seen benefiting from the AI theme too, even despite expectations for a US slowdown and tense Washington-Beijing relations.

Japanese manufacturers of machines for making and testing chips had suggested a recovery from the second half, and “the Nvidia results have increased the certainty of that,” said Rina Oshimo, a stratgeist at Okasan Securities Co.

–With assistance from Winnie Hsu.

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.

BlowOut Chip forecast Ignites Nvidia Rally stock
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