Chicken and dog soaring, these stocks surged because of NVIDIA
Dell and VRT surged by more than 5%, while TSMC hit a new all-time high in the night session
NVIDIA's financial report led to a direct surge in its stock price to over $1000.
At the same time, it also drove up the stock price of its important partner, Dell (DELL), by 5.2% after hours:
Dell has always been an indispensable partner of NVIDIA, and the two have had deep cooperation since early on.
NVIDIA's future expansion strategy relies on incentivizing more institutions and enterprises to develop their own artificial intelligence capabilities, thereby stimulating demand for NVIDIA products. For this reason, they need Dell to provide storage, networking, and computing capabilities.
It is worth mentioning that VRT, a company exclusively liquid-cooled by NVIDIA's chips, also surged due to NVIDIA. VRT rose by 250% in 2023 and 108% so far in 2024.
As of the time of writing, VRT surged by 5.55% in after-hours trading:
The entire semiconductor industry stocks were also boosted by NVIDIA, with the Semiconductor ETF (SMH) rising by 2.68% in after-hours trading:
Among them, TSMC also raised its optimistic forecast for the semiconductor industry today, stating that it expects the growth rate of the semiconductor industry (excluding memory chips) to exceed 10% this year. TSMC also predicts that the demand for AI chips in 2024 will be "very strong" (Note: NVIDIA is an important customer of TSMC).
In early May, TSMC reported NT$236.02 billion in revenue for April 2024, an increase of 20.9% month-on-month and 59.6% year-on-year.
TSMC surged by 3.6% in after-hours trading, surpassing its high in March this year, reaching a new historical high with a market value above $800 billion:
