Nvidia has found success in China selling automotive chips to the country’s electric car makers. But the US semiconductor giant has been banned from sending certain products to China. So far, electric vehicle manufacturers do not seem concerned.
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Find out which companies are making headlines in the midday business.
Nvidia – Nvidia jumped 25% during midday trading the day after it released a blockbuster earnings report. The rally took the chipmaker’s market capitalization just below the $1 trillion mark, or about $942 million, according to FactSet.
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Monolithic power systems — Beneficiaries of artificial intelligence such as Monolithic Power Systems were boosted by Nvidia’s strong results. Monolithic Power Systems is an under-the-radar AI choice that should provide power management solutions for Nvidia’s H100 graphics processing units, according to Needham. Shares jumped 15%. Other AI beneficiaries who have also received a boost include Marvell Technology And Broadcomwhich increased by more than 3% each. Adobe shares jumped 6%.
Dish Network – Shares jumped 7% on news that the company is in talks with Amazon to sell wireless phone plan services on the e-commerce platform, according to a Wall Street Journal report.
Advanced micro-systems — Semiconductor and semiconductor equipment makers took off after strong results from Nvidia. Advanced microdevices and Synopsis jumped 10%, each. Shares of Applied materials advanced by 5%.
dollar tree – Dollar Tree reported tighter margins in its first fiscal quarter, sending its shares down 10% during midday trading. Competitor General dollar also fell, down 2.6%.
Snowflake — Cloud computing stock fell nearly 17%. Late Wednesday, Snowflake announced second-quarter product revenue guidance that fell short of expectations, according to StreetAccount. It did, however, beat the top and bottom lines in its first quarter results.
American Eagle Outfitters – American Eagle Outfitters fell 13% during midday trading. The clothing retailer lowered its outlook on Wednesday night. The clothing retailer reported a mixed quarter, with revenue slightly above estimates and earnings meeting expectations, according to Refinitiv.
Ralph Lauren – The luxury clothing retailer saw its shares jump 6% after the company beat earnings estimates and announced a surprise increase in revenue for its fiscal fourth quarter, according to Refinitiv. Ralph Lauren also said its sales in China jumped 30% as demand for luxury items rebounded amid the reopening.
best buy — Shares of the electronics retailer gained 1% after the company reported its fiscal first quarter results. While the company posted slightly better-than-expected earnings, according to Refinitiv, sales missed estimates. Best Buy also reiterated expectations for lower spending on consumer electronics this year.
Carnival – The cruise line added 2% on the back of an upgrade to buy neutral by Citi. The company said Carnival was at a turning point in terms of its balance sheet and the broader cruise industry was attracting more attention from investors.
– CNBC’s Alex Harring, Hakyung Kim, Yun Li and Tanaya Macheel contributed reporting