pwshub.com

What's Going On With Nvidia, AMD Stocks On Wednesday?

What's Going On With Nvidia, AMD Stocks On Wednesday?

What's Going On With Nvidia, AMD Stocks On Wednesday?

Artificial intelligence chip stocks led by Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc (NASDAQ:AMD) are trading higher Wednesday after leading contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:TSM) reported June revenue growth of 33% year-on-year.

The preliminary second-quarter revenue grew 32% Y/Y. Taiwan Semiconductor’s revenue growth bears testimony to the continued AI frenzy.

Analysts touted Nvidia as the primary AI beneficiary, followed by AMD.

Also Read: Nvidia Absent At China’s AI Show, Chinese GPU Makers Step Up: Report

AMD stock also got a boost from the company’s deal to acquire Silo AI, a leading AI lab in Europe, in an all-cash transaction worth $665 million.

Helsinki-based Silo AI, with operations in Europe and North America, offers comprehensive AI-driven solutions for easy integration into products, services, and operations. Silo AI also develops advanced open-source multilingual LLMs, including Poro and Viking, on AMD platforms, along with its SiloGen model platform.

AMD held $6.04 billion in cash and equivalents as of March 30, 2024.

Silo AI CEO and co-founder Peter Sarlin will continue to lead the Silo AI team as part of the AMD AI Group. The acquisition will likely close in the second half of 2024.

Nvidia stock gained over 217% in the last 12 months. AMD stock gained 63%.

Investors can gain exposure to Nvidia through Vanguard S&P 500 ETF (NYSE:VOO) and Invesco QQQ Trust, Series 1 (NASDAQ:QQQ).

Price Actions: NVDA shares traded higher by 2.4% at $134.62 at the last check Wednesday. AMD is up 3.3% at $183.05.

Also Read:

Photo: Shutterstock

"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article What's Going On With Nvidia, AMD Stocks On Wednesday? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source: finance.yahoo.com

Related stories
3 weeks ago - What's Going On With Nvidia Rival AMD Stock Thursday? - Advanced Micro Devices (NASDAQ:AMD)  BenzingaHackers claim to have carried off an enormous data heist on AMD, selling info on employee and customer information, future products and...
6 days ago - In today's episode of Market Domination Overtime, co-hosts Josh Lipton and Julie Hyman delve into three key topics: Chipotle Mexican Grill's (CMG) executive transition, record-breaking index performance, and a preview of upcoming Big Bank...
3 weeks ago - As Nvidia became the world’s most valuable company this week, even if only for a few days, it’s apparent that the race to develop even better generative artificial intelligence models isn’t slowing down. This week we saw Anthropic provide...
1 day ago - Nvidia and AMD stocks rise on AI demand, while Taiwan Semiconductor is expected to report a 30% rise in profit. Investor predicts Nvidia could reach $50 trillion market cap in a decade.
1 day ago - Key artificial intelligence chip stocks Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc (NASDAQ:AMD) stocks continue to ride the artificial intelligence wave Monday. Wall Street expects leading AI contract chipmaker Taiwan...
Other stories
3 minutes ago - Blockchain-based artificial intelligence development network Mira today announced that it has raised $9 million in seed funding to build a decentralized AI infrastructure platform to expand access to advanced AI capabilities. The round...
5 minutes ago - Dow Jones Jumps As UnitedHealth Soars; Nvidia Falls But These Stocks Pop Amid Rotation (Live Coverage)  Investor's Business DailyUnitedHealth's stock rally is adding 180 points to the Dow's price  MarketWatchCaterpillar, JPMorgan Chase...
5 minutes ago - Prices naturally rise over time, but the pandemic pushed inflation to decades highs. These few categories, however, are cheaper than they were pre-pandemic.
5 minutes ago - Amazon Prime Day 2024: Live updates on the 135+ top Prime Day deals  ZDNetAmazon Prime Day 2024: Shop deals seen on 'GMA' and ABC  Good Morning America17 PEOPLE-Approved Amazon Deals to Shop Before Prime Day Ends: Apple, Dyson, Bissell,...
5 minutes ago - Bitcoin ETF Traders Bought the Dip and Now Are Buying the Rebound as Inflows Topped $300M Monday  CoinDeskBitcoin Investment Products See Third Straight Week of Inflows, CoinShares Says  BloombergBitcoin indicators flash ‘greed and FOMO’...