Nvidia was rising on Thursday, as it shrugged off questions about AI demand sparked by the latest technology-company earnings.
Nvidia
shares were up 2.7% at $797.58 in early trading. The stock reversed earlier losses in the premarket after the latest reading for the Federal Reserve’s preferred inflation measure came in line with expectations.
Nvidia stock closed down 1.3% at $776.63 on Wednesday. That left the chip maker valued at around $1.97 trillion overall.
Earnings reports from technology companies have generally been a boon for Nvidia this year so far, with Big Tech companies flagging huge investment in artificial-intelligence systems. The latest tech results were more mixed, with disappointing guidance coming from data-software company
Snowflake
on Wednesday but AI analytics company
C3.ai
comfortably beat forecasts for its own earnings.
Snowflake shares were down 19% in early trading on Thursday. Nvidia and Snowflake teamed up last year to offer generative AI to the data company’s customers.
C3.ai
shares were up 26% in early trading.
Nvidia is still striking more partnerships. On Wednesday, it said it had joined workflow-management software company
ServiceNow
and open-source-AI provider Hugging Face in releasing StarCoder2, a family of open-access AI models for code generation.
Other chip makers were also gaining early on Thursday.
Advanced Micro Devices
was up 3.4% and
Intel
was rising 1.7%.
Nvidia shares have risen 57% this year to date through to Wednesday’s close. That compares with a 6.3% rise in the S&P 500 index and a 6.2% rise in the Nasdaq Composite Index over the same period.
Write to Adam Clark at [email protected]
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