Today's biggest winners and losers in the stock market.
On this episode of Stock Movers, we focus on three major earnings reports:
- Nvidia (NVDA) the world’s most valuable company, gave another bullish quarterly revenue forecast, signaling that the massive build-out of AI computing remains on track. Fiscal first-quarter sales will be about $78 billion, the chipmaker said in a statement Wednesday. That compares with an average Wall Street estimate of $72.8 billion, according to data compiled by Bloomberg. The outlook helped soothe concerns about a bubble in AI investments. Huang has repeatedly downplayed fears that the run-up in spending on artificial intelligence hardware isn’t sustainable. He argues that it will take years to replace the world’s installed base of older computers with machines that offer a leap forward in productivity. Nvidia shares, among the 10 worst-performing chipmaker stocks this year, rose about 4% in extended trading following the announcement.
- Salesforce (CRM) gave a lukewarm outlook for sales growth in the new fiscal year, fueling Wall Street’s worries that the software giant will lose out to new competitors in the age of AI. Revenue will be about $46 billion in the fiscal year ending in January 2027, the company said Wednesday in a statement. The forecast was in line with the analysts’ estimates, but failed to impress investors. The shares declined about 3% in extended trading after closing at $191.75 in New York.
- Salesforce (SNOW) gave an outlook for quarterly sales that was in line with estimates, disappointing investors who were looking for a stronger showing to overcome jitters about the software industry’s viability in the age of AI. Product revenue will be about $1.26 billion in the period ending in April, the company said Wednesday in a statement. Product revenue makes up the majority of Snowflake’s total and is closely watched by investors. The shares fell about 2% in extended trading after closing at $169.21 in New York. The stock had declined about 23% this year as Wall Street has grown broadly anxious about the potential for AI-driven disruption in the software industry.
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