Artificial Intelligence▲impact 4
Nvidia Expects Revenue to Top $100 Billion, Boosting Tech Stocks Worldwide
Nvidia reported revenue for the May-July quarter of $96.2 billion, up 106% from a year earlier and above analysts' expectations of $92 billion. The company also forecast revenue for the August-October quarter to surge to $108 billion, reflecting strong confidence in AI technology investment. This sent Nvidia shares up 8.7%, with AI-related stocks broadly higher, led by Autodesk up 6.2%, Adobe up 5.7%, and Broadcom up 4.5%, pushing the Philadelphia Semiconductor Index up 2.3%. In European markets, the STOXX 600 closed down 0.69% on French political concerns, but tech stocks helped support the market, with Nemetschek surging 9.9% after Bank of America Global Research said it found no disruption to software business. Pernod Ricard fell 4.6% after sales missed estimates. In Asia, markets opened lower, led by the KOSPI down 1.6%. The Thai market is expected to trade sideways, with AOT in focus after resolving the issue of overbooked flight slots, and passenger numbers in the first half of August grew 8%, with four new direct flight routes added.