Here's how the stock market performed this week.
Tech stocks led the markets higher on Monday. Nasdaq gained 1.6%, S&P 500 climbed 0.75% but Dow slipped 0.1%.
Tuesday was a bad day for retail. Retail stocks were hit hard after disappointing forecasts left investors underwhelmed.
Wednesday was a good day for Nvidia. The chipmaker reported better-than-expected earnings.
Thursday was the worst day for the Dow since March and the worst for all of the S&P sectors were in the red with information technology, consumer discretionary and communication services being the biggest laggards of the market. Financials made a short-lived recovery in the afternoon, rising just above flat.
Nvidia was the talk of Wall Street this week.
The bellwether for AI boom, Nvidia, gobsmacked Wall Street on Wednesday when it reported Q2 revenue of $13.51 billion, a 101% jump from the same time last year. Weirdly enough, the stock was only up 3% in after-hours trading on Wednesday and it is 2% up for the week. The chipmaker also expects $16 billion of sales in the current quarter, again coming in far above analysts’ projection of $12.6 billion, we can’t wait to see.
The AI boom is clearly in full swing, and Nvidia is the clear winner. The stock has risen a whopping 216% since the year began and we are wondering if there’s a slowdown on the horizon. An interesting question we are asking is aside from Nvidia, who are the winners and likely losers?
Amazon and Microsoft look like key winners because they have existing cloud partnerships with Nvidia, while Meta has an existing consumer-focused partnership with the chipmaker. All three companies got shoutouts during Nvidia's Wednesday earnings call. Snowflake and VMware also emerged in the chipmaker’s call, as new enterprise partners.
For its competitors, they’re clearly feeling the heat. Qualcomm, Intel, and AMD all saw their shares in the red on Thursday. AMD had the steepest decline, falling as much as 8%.
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