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Why Nvidia Stock Popped After AMD’s Earnings
Shares of semiconductor manufacturer Nvidia (NASDAQ: NVDA) closed higher on Wednesday, responding in sympathy to a powerful earnings release from rival Advanced Micro Devices (NASDAQ: AMD) the previous evening. On Tuesday, AMD wowed Wall Street with a report of $0.63 per share in pro forma profit — earnings under generally accepted accounting principles (GAAP) were $0.58 per share — and sales of $3.85 billion. Further encouraging semiconductors investors was the fact that AMD guided for even higher sales in the third quarter ($4.1 billion, “plus or minus $100 million”), and a repeat of the second quarter’s robust 48% gross profit margin to boot.
