Weekly Earnings Recap: Chip Companies Are The Focus

· $NVIDIA (NVDA.US)$ stock surges on AI-boosted earnings outlook. "Total revenue is expected to be $11 billion in the next quarter. We expect this sequential growth to largely be driven by data center, reflecting a steep increase in demand related to generative AI and large language models. This demand has extended our data center visibility out a few quarters and we have procured substantially higher supply for the second half of the year." said Colette Kress, CFOof NVIDIA.

· $Marvell Technology (MRVL.US)$ stock soars after upbeat earnings outlook, expects revenue to double this year. Shares of Marvell Technology Inc. were soaring 15% in after-hours activity Thursday after the chip company topped expectations with its quarterly outlook and forecast that revenue related to artificial intelligence would at least double this year.“While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”Chief Executive Matt Murphy said in a release.

· Shares in $Snowflake (SNOW.US)$ plunged Thursday after the software maker cut its full-year fiscal 2024 outlook amid slowing growth for cloud computing partners such as Amazon. Investors shrugged off first-quarter earnings for Snowflake stock that topped Wall Street targets.