Traders work on the floor of the New York Stock Exchange on May 16, 2024.
Brendan Mcdermid | Reuters
The Nasdaq Composite rose to a new record Thursday, as Wall Street assessed the latest quarterly results from market bellwether Nvidia.
The tech-heavy Nasdaq Composite added 0.4% to an all-time high. The S&P 500 inched up 0.1% while the Dow Jones Industrial Average lagged, losing 205 points, or 0.5%.
Chipmaker and artificial intelligence darling Nvidia surged 8.5%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.
Nvidia’s fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.
Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500.
“Even in the face of huge expectations, the company once again stepped up and delivered,” said Ryan Detrick, chief market strategist at Carson Group. “The always important data center revenue was strong, while future revenue was also impressive. Bottom line, the bar was high and cleared it once again.”
Correction: A previous version misstated the consensus revenue estimate for Nvidia’s fiscal second quarter.