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NVIDIA reports record revenue: 10-for-1 split drives stock to new high
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Nvidia Brings the Thunder, Markets Washed Out | Mooers Herd on the Street

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Kevin Travers joined discussion · May 23 22:34
Morning mooers! Ominous thunderstorms roared into Jersey City Thursday May 23rd, while the market hit fresh highs after $NVIDIA (NVDA.US)$ reported Q1 earnings that beat expectations Wednesday, sending the stock up 9%.
The firm showed earnings of $6.12/share compared to expectations of $5.59. Revenue came in at $26B in the quarter,boosted by data center revenue, which made up most of the firm's profit, coming in at $22.5B. the firm anonuced a 10-1 stock split for June 7th, and share prices surpassed $1,000.
Nvidia pulled the entire Semiconductor industry higher 4%, and was the highest gainer on the S&P 500, followed by $Super Micro Computer (SMCI.US)$ +4%.
$Arista Networks (ANET.US)$ was the lowest decliner on the S&P, down 6%. Executive officers at the company have filed to sell millions of dollars in shares over the past week, CEO Jayshree Ullal sold $8m.
$GlobalFoundries (GFS.US)$ was the largest decliner on the Nasdaq 100, -7% after the firm announced the launch of a $950M secondary offering of stock.
$e.l.f. Beauty (ELF.US)$ was the highest gainer on the Russell 2000, up 16% after the firm reported higher sales in the quarter.
Aside from roaring Semiconductors, Consumer electronics were pulled down by a 1% drop in Apple.
Nvidia Brings the Thunder, Markets Washed Out | Mooers Herd on the Street
$Crude Oil Futures(JUL4) (CLmain.US)$ climbed 0.48%, Gold and Silver fell 1.2% each, alongside Bitcoin falling 1.5%.
As a general recap, the market was overall declining despite some records. Shortly after 10:30 AM EST, the $S&P 500 Index traded flat, +0.13. The $Dow Jones Industrial Average fell about -0.60%, and the$Nasdaq Composite Index climbed 0.64%. By direction, 7000 equities declined while 3800 climbed Thursday.
Nvidia Brings the Thunder, Markets Washed Out | Mooers Herd on the Street
Thursday, investors gauged S&P PMI numbers that came in generally higher with indexes showing 50.9 in manufacturing, 54.4 in Composite, and 54.8 in Services. Initial jobless claims came in lower than last week, at 215k. The small drop kept treasuries and inflation expectations high.
In the most recent meeting minutes released Wednesday, many FOMC members commented on their uncertainty about when rates should come down. Several participants said they were willing to raise rates further.
The committee, during their April 30-May 1 meeting, found that uncertainty came from the possibility that "high interest rates may have smaller effects than in the pas." Participants said interest rates would stay put unless inflation numbers were clearly at 2%, or the labor market clearly weakens. Members said they would be willing to raise rates if "risks to inflation materialize in a way that such an action became appropriate."
This week investors will also watch numerous Fed speeches. Federal Reserve Governor Christopher Waller said on Tuesday that if economic data continues to weaken over the next three to five months, the central bank might consider lowering interest rates by the end of 2024.
Monday Morning, Fed Vice Chair Jefferson said its too early to tell if disinflation was working. Cleveland Fed President Loretta Mester said her three cut plan was too many.
Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Yestrerday, user @White_Shadow said they were watching Nvidia and metals, while TheLongKhan was watching youtube videos
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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