Why Nvidia Stock Is Skyrocketing Today
Key Points
Nvidia stock is rising today after facing bearish pressures earlier in the week.
News that Amazon expects $200 billion in capital expenditures this year is lifting Nvidia stock.
Comments from CEO Jensen Huang also appear to be lifting Nvidia and other tech stocks today.
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After big sell-offs in yesterday's session, Nvidia (NASDAQ: NVDA) stock is bounding higher Friday. The company's share price was up 8.2% as of 3:40 p.m. ET.
Nvidia is rising today following the publication of Amazon's fourth-quarter report and the issuance of forward guidance yesterday. The artificial intelligence (AI) leader's share price also appears to be getting a boost from comments made by CEO Jensen Huang.
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Nvidia stock rises thanks to Amazon's massive capex guidance
Amazon published its Q4 results after the market closed yesterday and posted earnings results that fell short of the market's expectations. The company also announced guidance for $200 billion in capital expenditures this year as it continues to build out its AI infrastructure and pursue other growth initiatives.
While the earnings miss and massive guidance forecast spurred a sell-off for Amazon, it helped power substantial gains for Nvidia stock today. Nvidia is the leading provider of advanced processors that are at the heart of Amazon's AI data center infrastructure, and the tech giant's capex guidance point to a favorable demand outlook.
Nvidia's CEO weighs in with tech outlook
Speaking in response to big sell-offs for tech stocks that occurred earlier in the weak, Nvidia CEO Jensen Huang described the sector valuation pullback as illogical. While it's not surprising that the CEO would have a bullish stance on valuations in the AI space, and for his company in particular, his comments have frequently been shown to have market moving power. Investors appear to be heeding Huang's reassurances and buying back into AI growth stocks today.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Nvidia. The Motley Fool has a disclosure policy.
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