Yahoo Finance Trending tickers: Nvidia, TSMC, Snowflake and Nationwide
The latest investor updates on stocks that are trending on Thursday
Nvidia (NVDA)
Nvidia again shattered Wall Street forecasts in its long-awaited earnings report Wednesday, sending shares of the artificial intelligence darling towards a record high in pre-market trading.
The company reported adjusted earnings per share (EPS) of $6.12 (£4.81) on revenue of $26bn (£20.43bn), a jump of 461% and 262%, respectively, from a year ago.
Nvidia shares rose 6% to $1,007 (£791.29) in pre-market trade, peaking above the psychologically important $1,000 mark and adding about $140bn (£110bn) in stock market value.
In the current quarter, Nvidia expects revenue of $28bn (£22bn) plus or minus 2%. That’s better than the $26.6bn (£20.9bn) analysts had expected.
In an exclusive interview with Yahoo Finance, following the company's first-quarter earnings report, CEO Jensen Huang pushed back against concerns the company could face a demand lull as it shifts between its current and next generation of AI chips.
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"People want to deploy these data centres right now," Huang said. "They want to put our [graphics processing units] to work right now and start making money and start saving money. And so that demand is just so strong."
He added that demand for both platforms will outstrip supply well into next year, with the complexity of these chips also challenging the company's efforts to keep pace.
Nvidia also announced a 10-for-1 stock split and said it is increasing its quarterly cash dividend by 150% from $0.04 per share to $0.10 per share, equivalent to $0.01 on a post-split basis.
TSMC (TSM)
Nvidia key supplier, TSMC, was higher in pre-market trading, boosted by the mega cap’s strong results.
Taiwan-based TSMC, a major supplier of chips to Apple and Nvidia, is forecasting an annual revenue growth of 10% in the global semiconductor industry, excluding memory chips.
TSMC has estimated that second-quarter sales may rise as much as 30% as it rides a wave of demand for semiconductors used in artificial intelligence (AI) applications.
"This is a new golden age of opportunity with AI," said senior vice-president Cliff Hou, Reuters reported.
Snowflake (SNOW)
Snowflake shares jumped in pre-market trading after the data analytics company gave a mixed first-quarter report.
The software firm reported quarterly revenue of $828.7m, (£651.18m) compared to the estimate of $785.89m (£617.54). However, earnings per share of $0.14 trailed analysts' expectations of $0.17.
Adjusted earnings decreased 6% year-over-year while sales increased 33%.
Looking ahead, Snowflake expects second-quarter product revenue to range from $805m (£632.56m) to $810m (£636.49m) versus the estimate of $787.5m (£618.81m). It also projects full-year product revenue of $3.3bn (£2.5bn) versus the estimate of $3.26bn (£2.56bn).
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"Our core business is very strong," Snowflake Chief Executive Sridhar Ramaswamy said. "Our AI products, now generally available, are generating strong customer interest. They will help our customers deliver effective and efficient AI-powered experiences faster than ever."
Nationwide (NBS.L)
Nationwide Building Society has reported a statutory pre-tax profit of £1.8bn for the year to April 4, down about a fifth from the £2.2bn reported this time last year.
Although this figure is down 20% from an all-time high of £2.23bn the year before, it is still higher compared to a £1.6bn profit in 2022.
The building society said the decline in profit this year was mainly driven by it passing on better interest rates to savers and delivering value to its members.
The lender gave out £344m to eligible members in June last year through its fairer share loyalty scheme - and it will be making a second payment this year.
Britain's biggest building society will pay 3.85 million eligible members £100 this summer, a move that will cost £385m. Members will receive the payment directly into current accounts in June.
Watch: Nvidia CEO: Customers are buying now, not waiting for the next chip
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