Nvidia reported an impressive 85% revenue increase, driven by its data center unit, with quarterly revenue reaching $75.2 billion. Despite this, the company's stock is down slightly in premarket trading, marking a potential fourth consecutive post-earnings pullback. Nvidia also announced an $80 billion buyback and raised its quarterly dividend to 25 cents per share.
CEO Jensen Huang highlighted the surge in demand due to advancements in artificial intelligence but acknowledged the potential impact of the ongoing Iran conflict on business operations. Meanwhile, SpaceX has filed its prospectus for a highly anticipated IPO, aiming to list under the ticker SPCX on Nasdaq, with a projected total addressable market of $28.5 trillion.
In retail, Walmart's shares fell 2% after a disappointing outlook, while E.l.f Beauty's stock rose 9% following strong quarterly results. The Federal Reserve's recent meeting minutes indicated that higher interest rates may be necessary if inflation persists, despite some officials suggesting potential cuts if economic conditions improve.
Lastly, Jeff Bezos addressed concerns about an AI bubble in an interview, emphasizing the positive investment driven by the sector. Intuit's shares dropped 15% after announcing a 17% workforce reduction, reflecting ongoing challenges in the tech industry