US shares increase on Wednesday as investors anticipate AI firms’ reports
Date
11/21/2024 2:09:13 AM
(MENAFN) US stock futures experienced a rise on Wednesday as investors eagerly anticipated earnings reports from prominent companies, particularly artificial intelligence chipmaker Nvidia. MarketWatch highlighted investor interest in the technology sector, reflecting optimism about potential strong performance from Nvidia and others in the market.
Nvidia's shares climbed 0.2 percent in premarket trading ahead of its third-quarter earnings announcement. Analysts predict earnings of USD0.75 per share, a significant jump from USD0.40 during the same period last year, with revenue projected to surge to USD33.15 billion from USD18.12 billion. Key attention is on Nvidia's ability to accelerate sales of its Blackwell AI chips, which are expected to drive further growth. Nvidia's stock has already soared 197 percent year to date, including a 4.9 percent increase on Tuesday, underscoring its strong market performance.
Wedbush Financial Services has forecasted that Nvidia will surpass expectations, projecting an additional USD2 billion in revenue. With a market capitalization of USD3.6 trillion, Nvidia remains the world’s most valuable company, benefiting from robust demand for its artificial intelligence chips. These chips serve as a benchmark for investor sentiment in the tech sector, making Nvidia a key player to watch in the broader market.
In other news, Comcast shares rose by 2.4 percent following reports of the company’s plans to spin off its NBCUniversal cable TV networks, including MSNBC, CNBC, and USA. The move is seen as a strategic effort to focus on other business segments, attracting investor interest and contributing to the day’s positive market sentiment.
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