Shares of Nvidia rose 5% after hours on Wednesday following its latest earnings results. The semiconductor giant posted third-quarter results and guidance that were above Wall Street’s forecast amid insatiable demand for artificial intelligence processors. Several tech stocks are higher in response to the Nvidia results. Micron (MU) +4.3%, AMD +4.5%, Marvell Technology (MRVL) +3.6%, Broadcom (AVGO) +2.9%, Palantir (PLTR) +4%. First Solar (FSLR) +2.4%, Intel (INTC) +2%, Microchip Technology (MCHP) +2%, Monolithic Power Systems (MPWR) +2.3%, Taiwan Semiconductor Manufacturing (TSM) +2.7%.
The results from the semiconductor giant defy the AI valuation concern raised after Palantir reported its earnings results. Wall Street recently saw a tech selloff, driven in part by a steep drop in Palantir’s shares after its earnings report highlighted stock valuation concern.