The Nasdaq Composite fell more than 1% on Monday, with big technology stocks creating the biggest drag as investors worried about demand for technology supporting artificial intelligence while they waited for results from market heavyweight Nvidia.
PCE inflation data, Fed speakers, more earnings will be in focus this week. • Nvidia’s robust performance in the burgeoning AI space and strong guidance position it as a clear buy. • Lowe’s’ struggles with near-term profitability and market headwinds suggest that its stock may be best avoided for now.
NVIDIA (NASDAQ: NVDA) shares were choppy after it beat fourth quarter estimates for EPS and revenue. Guidance for first quarter revenue slightly topped estimates, coming in at $43 billion versus the consensus of $42.26 billion.
Nvidia leads in the chip realm, but there may be a better stock looming in the background.
Nvidia is tipped to post overall fourth-quarter revenue of $38.25 billion, including $34.06 billion in sales at its crucial data center business, according to Bloomberg consensus estimates. For the first quarter, the company is expected to guide for a top-line total of $42.26 billion.
Nvidia on Wednesday reported a surge in fourth-quarter profit and sales as demand for its specialised Blackwell chips, which power artificial intelligence (AI) systems, continued to grow, sending the company’s stock higher after hours.
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