Several semiconductor stocks, like Micron Technology Inc, Broadcom Inc., and Lam Research Corporation, are experiencing an increase in trading on Thursday in response to NVIDIA Corp.’s positive first quarter results presentation.
NVIDIA exceeded analyst expectations for the first quarter, reporting revenue of $26.044 billion and earnings of $6.12 per share. The company also provided optimistic guidance for the second quarter, forecasting revenue of $28 billion. NVIDIA’s CEO, Jensen Huang, announced a 10-for-1 forward stock split and a 150% increase in the dividend.
Following the announcement of NVIDIA’s quarterly results, many analysts raised their price targets for the stock. Rosenblatt maintained his price target of $1,400 per share. Micron, a major chip company specializing in memory and storage products, saw its shares increase by 4.53%. Broadcom, which designs and supplies semiconductors, enterprise software, and security solutions, saw a 2.62% increase in its shares. Lam Research, a provider of wafer manufacturing equipment and services to the semiconductor industry, experienced a 2.96% increase in its shares.
Overall, NVIDIA’s strong performance is having a positive impact on the semiconductor industry, with many companies seeing increases in their stock prices as a result. The company’s focus on accelerated computing and artificial intelligence is expected to bring significant productivity gains to various industries and create new revenue opportunities. Jensen Huang’s optimistic outlook for the future, along with the production of the new Blackwell chips, has contributed to the positive sentiment surrounding NVIDIA and its industry peers.
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https://www.benzinga.com/news/earnings/24/05/38985214/why-micron-broadcom-and-lam-research-shares-are-moving-higher-thursday