Nvidia shares surge 8% on earnings beat, lifting technology stocks and bitcoin
Nvidia shares surged following a strong fiscal second-quarter earnings report that exceeded revenue and earnings expectations. The company also announced a $12.9 billion acquisition of the open-source AI platform Hugging Face, further expanding its influence across the AI software ecosystem.
Why it matters
Nvidia's performance acts as a bellwether for the broader AI sector and technology markets, signaling sustained demand for high-performance computing infrastructure despite geopolitical and supply chain constraints.
The Invesco QQQ has gained more than 1%, while bitcoin climbed over 1% in the past 24 hours to challenge $80,000. AI infrastructure companies also advanced, with IREN IREN $ 41.25 · At close rising 5% and TeraWulf WULF $ 16.47 · At close and Cipher Mining CIFR $ 16.56 · At close gaining around 3% each.
Nvidia reported fiscal second-quarter revenue of $96.2 billion, exceeding the $92.27 billion consensus estimate, while adjusted earnings per share of $2.22 beat expectations of $2.09. The company guided for third-quarter revenue of $108 billion, ahead of Wall Street’s $103.9 billion forecast.
Management expects revenue to grow approximately 70% in fiscal 2028, despite customer forecasts pointing to demand potentially doubling. Nvidia said supply would remain the primary constraint through the end of that fiscal year.
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