What’s Going On With Nvidia Stock Thursday?

Nvidia Corp (NASDAQ: NVDA) stock is trading higher Thursday, further amplified by Meta Platforms Inc’s (NASDAQ: META) upbeat quarterly results.

On Wednesday, Meta Platforms reported second-quarter revenue of $32 billion, up 11% year-over-year, beating the Street consensus estimate of $31.12 billion.

Also Read: Nvidia OpenAI Working On AI Model To Connect 10M AI GPUs Together

Earnings per share totaled $2.98 in the second quarter, beating a Street consensus estimate of $2.91. The social media firm also expressed its optimism over its artificial initiative investments.

Meta’s results have added to the Wall Street momentum driving up the stock prices in the technology sector.

This week began with Microsoft Corp (NASDAQ: MSFT) and Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) upbeat earnings results, which had a positive impact on Wall Street. The companies also expressed their commitment to the AI initiatives.

Semiconductor ETFs trading in the U.S., like VanEck Semiconductor ETF (NASDAQ: SMH) and IShares Semiconductor ETF (NASDAQ: SOXX), are trading higher by over 2% today.

Broader index ETFs like SPDR S&P 500 (NASDAQ: SPY) and Invesco QQQ Trust, Series 1 (NASDAQ: QQQ) are trading higher by ~1%.

The stock has gained 218% YTD courtesy as the biggest beneficiary of the AI frenzy.

Price Action: NVDA shares traded higher by 3.04% at $488.31 on the last check Thursday.

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