Oddbean

CNBC Daily Open: Nvidia shares soar on AI boom ========== Nvidia shares rose more than 7% and topped $1,000 for the first time in extended trading after its first-quarter earnings and sales beat analysts' expectations. The chipmaker expects second-quarter sales of $28 billion, compared with estimates of $26.6 billion. The company plans to split its stock 10 for 1. Wall Street sank on inflation fears as the Dow Jones plunged more than 200 points, marking its worst day so far this month. The S&P 500 and the Nasdaq Composite also lost ground. JPMorgan Chase CEO Jamie Dimon warned of a possible 'hard landing' for the US economy. Asian markets were mixed, with Hong Kong's Hang Seng index leading losses and Japan's Nikkei 225 rising 1.1%. Hedge funds are investing in under-the-radar AI plays while cutting back on mega caps. Nvidia's shares are up 92% this year and 200% over the last 12 months. The company expects to keep at least 75% of the AI accelerator market. Nvidia is considered the bedrock of the artificial intelligence revolution. #Nvidia #Ai #StockMarket #Earnings #Inflation #DowJones #S&p500 #NasdaqComposite #JpmorganChase #JamieDimon #AsianMarkets #HedgeFunds https://www.cnbc.com/2024/05/23/nvidia-soars-on-ai-boom.html