Time: 2024-05-23
Six stocks related to artificial intelligence have historically shown positive reactions to Nvidia's quarterly results, as per CNBC Pro analysis. This trend is observed before Nvidia's first-quarter earnings announcement scheduled for release after the market closes on Wednesday. The U.S.-listed stocks Super Micro Computer, AMD, Marvell Technology, Vertiv, and Synopsys, along with Japan-listed Advantest Corp, have experienced notable increases ranging from 6% to 33% following Nvidia's strong earnings reports. Analysts on Wall Street are anticipating Nvidia to outperform expectations once again, with current estimates at $5.52 earnings per share. Despite the optimistic outlook, there is some uncertainty surrounding how the stock of the AI chip giant will react this time. Super Micro Computer, a company specializing in tech infrastructure, has seen a remarkable surge of over 900% in its stock value over the past year. The company's servers incorporate GPUs, the AI chips designed by Nvidia. Advanced Micro Devices (AMD), Nvidia's primary competitor, has also witnessed significant stock gains post Nvidia's earnings. The continued investor interest in companies involved in designing and selling GPUs for artificial intelligence applications is reflected in AMD's rising stock prices. Advantest Corp, the leading producer of microchip testers globally, has experienced a significant uptrend in its stock value, benefiting from the AI-driven market momentum. The company's sales to Nvidia contribute approximately 1% to its total revenue. Advantest's stock has shown positive growth after Nvidia's recent quarterly reports and first-quarter 2023 results. It is worth noting that Advantest is also actively traded in the U.S. over the counter and on exchanges as ADRs. In conclusion, the performance of Nvidia has historically influenced these AI-related stocks, indicating potential opportunities for investors in the artificial intelligence sector.
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