Why Nvidia stock is up today
The US stock market recently witnessed its first sharp drop in half a year in a broad pullback many Wall Street analysts described as long overdue. After several volatile weeks, thetumbled 5% from its March 28 closing high, marking its biggest retreat since October 2023. The high-flying chip stocks were no exception, with the AI darling Nvidia’s stock seeing a double-digit drop earlier in the week.
“The significant year-on-year growth in capex in recent quarters reflects our confidence in the opportunities offered by AI across our business,” she added. The company added that it expected spending would continue to increase in 2025 as well. The social media behemoth, raised its total expense forecast for 2024 to between $96 billion and $99 billion, up from the previous range of $94 billion to $99 billion.
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