Nvidia Surges 5 Percent Premarket as Chip Stocks Rally Before Earnings
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MENAFNThe US chipmaker was quoted at $177.35, up 5.05% as of 1025GMT. It had ended Tuesday at $168.89, down 5.47%, after sliding roughly 4.3% on Monday.
Rivals moved higher as well. AMD rose 5.2%, Intel gained 5%, Qualcomm edged up 2.9%, Broadcom added 4% and Micron Technology climbed 6.7%. AI cloud provider CoreWeave leapt 10.6% after posting quarterly results.
On Tuesday, Nvidia’s independent directors said they had hired Joon H. Kim, a former acting US Attorney for the Southern District of New York, along with the law firm Wachtell, Lipton, Rosen & Katz, to run an independent investigation.
The board announced the probe on Sunday, following reports that Huang had been the target of a foreign intelligence operation. Directors said they had no reason to believe national security or company secrets were compromised, and promised to examine all available information.
The board also voiced confidence in Huang and his management team, adding that he backed the review and had pledged to cooperate.
Nvidia is due to report fiscal third-quarter results on Nov. 17, giving investors a fresh read on demand for its AI chips.
CoreWeave reported third-quarter revenue of $3.66 billion, up about 168% from $1.37 billion a year earlier. The company lifted its full-year revenue forecast to a range of $13 billion to $13.3 billion and raised its adjusted operating income outlook to $1.275 billion-$1.375 billion.
It also raised the low end of its annual capital expenditure forecast, now projecting $37 billion-$39 billion, because it expects to roll out infrastructure and deliver capacity to customers earlier than planned.
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