- Nvidia shares jumped 27% in Thursday’s premarket after it posted its first-quarter results.
- The stock’s massive gains are a sign that there’s an artificial intelligence “goldrush” coming, according to Susquehanna chip analyst Chris Rolland.
- AI-related stocks are set to add $300 billion worth of market cap at the opening bell, per Reuters.
Nvidia’s latest results show that there’s an artificial intelligence “goldrush” on the way for stocks, according to a top chip analyst.
The semiconductor giant’s shares jumped 27% in Thursday’s premarket to trade at a record level of $388.5 after it released second-quarter revenue forecasts that were 50% higher than what Wall Street had expected, which it attributed to soaring demand for AI chips.
“This is one of the biggest blowouts I’ve seen in the last decade in semis,” Susquehanna’s Chris Rolland told CNBC’s “Fast Money” after Nvidia’s earnings release.
“This is a stark reminder that we are in the middle of a massive AI goldrush right now, and Nvidia has all the picks and shovels,” he added.
Nvidia has been the S&P 500’s best-performing stock in 2023, jumping 109% even before its stellar results Wednesday.
It is the world’s leading producer of graphics chips needed for high-intensity AI computing, an industry that has experienced a rapid surge in demand since the eruption in interest in ChatGPT earlier this year.
Nvidia’s market capitalization will soar by nearly $200 billion if those gains hold up to the closing bell – and AI-related stocks will add another $100 billion worth of valuation, according to data from Reuters.
Rolland said he’s not surprised that Nvidia’s results are lifting the entire sector – but added that he sees the Santa Clara-based company as the best-positioned stock for now.
“The vast majority of this is this AI arms race that’s taking place right now,” he told CNBC.
“This is the goldrush of 1849, except this time, it’s built around generative AI, large language models, and Nvidia really is the only game in town as of right now,” Rolland added.
Read more: Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023
- Nvidia shares jumped 27% in Thursday’s premarket after it posted its first-quarter results.
- The stock’s massive gains are a sign that there’s an artificial intelligence “goldrush” coming, according to Susquehanna chip analyst Chris Rolland.
- AI-related stocks are set to add $300 billion worth of market cap at the opening bell, per Reuters.
Nvidia’s latest results show that there’s an artificial intelligence “goldrush” on the way for stocks, according to a top chip analyst.
The semiconductor giant’s shares jumped 27% in Thursday’s premarket to trade at a record level of $388.5 after it released second-quarter revenue forecasts that were 50% higher than what Wall Street had expected, which it attributed to soaring demand for AI chips.
“This is one of the biggest blowouts I’ve seen in the last decade in semis,” Susquehanna’s Chris Rolland told CNBC’s “Fast Money” after Nvidia’s earnings release.
“This is a stark reminder that we are in the middle of a massive AI goldrush right now, and Nvidia has all the picks and shovels,” he added.
Nvidia has been the S&P 500’s best-performing stock in 2023, jumping 109% even before its stellar results Wednesday.
It is the world’s leading producer of graphics chips needed for high-intensity AI computing, an industry that has experienced a rapid surge in demand since the eruption in interest in ChatGPT earlier this year.
Nvidia’s market capitalization will soar by nearly $200 billion if those gains hold up to the closing bell – and AI-related stocks will add another $100 billion worth of valuation, according to data from Reuters.
Rolland said he’s not surprised that Nvidia’s results are lifting the entire sector – but added that he sees the Santa Clara-based company as the best-positioned stock for now.
“The vast majority of this is this AI arms race that’s taking place right now,” he told CNBC.
“This is the goldrush of 1849, except this time, it’s built around generative AI, large language models, and Nvidia really is the only game in town as of right now,” Rolland added.
Read more: Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023
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