"NVIDIA surged today despite terrible market breadth. Consumer Staples were down 2.36%, Real Estate was down 2.73%, Financials were down 1.7%, and Healthcare was down 1.01%. Even amongst technology stocks, it wasn't smooth sailing. Software stocks got hammered. In after hours trading tonight, shares of Meta Platforms (Nasdaq: META) are down 7% while shares of Microsoft (Nasdaq: MSFT) are down 4%."
"What you see here is a slide from NVIDIA's GTC event. Since the moment it appeared behind NVIDIA CEO Jensen Huang, the company has added more than $400 billion in value. Yet, there has been tremendous amounts of debate on Wall Street about what exactly this picture means. NVIDIA shares surged higher after it appeared as many analysts believed the picture meant NVIDIA was forecasting $500 billion in new GPU sales across the next 5 quarters."
NVIDIA shares rose 2.99% Wednesday after a 4.98% gain the prior day, lifting the stock about 14.7% over five days and adding roughly $400 billion in market value. The gains occurred despite broad market weakness, with Consumer Staples, Real Estate, Financials, and Healthcare all down and software and other tech names falling, including Meta and Microsoft in after-hours trading. A slide shown at NVIDIA's GTC event, appearing behind CEO Jensen Huang, is credited with driving the rally. Many analysts interpreted the slide as signaling $500 billion in new GPU sales across the next five quarters, far above current Wall Street forecasts. NVIDIA's CFO met with analysts to clarify the slide's meaning.
Read at 24/7 Wall St.
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