The technology-heavy Nasdaq Index (QQQ) ticked higher after AI leader Nvidia (NVDA) posted solid third-quarter results and guidance. The semiconductor firm’s strong revenue is proof that artificial intelligence is not a fad for 2023.
Nvidia earned $4.02 a share on revenue of $18.12 billion. Gamers overlooked the weak reviews for the company’s RTX 40 graphics cards. Revenue from gaming of $2.86 billion is above the $2.7 billion estimate.
In Q4, Nvidia expects revenue of $20 billion +/- 2.0%. Analysts expected only $17.9 billion.
Sam Altman’s return to OpenAI after less than a week after being fired will help Microsoft (MSFT). Alphabet (GOOG) will need to increase its efforts in AI development. The search giant still relies heavily on YouTube advertising revenue and subscriptions, along with ads from its search engine.
In the cryptocurrency market, the ouster of Binance founder Changpeng Zhao sent Bitcoin prices down from $37,490 to as low as $35,751.80. BTC-USD rebounded to $36,474.60 when markets accepted that the $4.3 billion Binance pays is ultimately a positive development. CZ avoids jail time and retains his majority ownership in Binance.
Ahead of the U.S. Thanksgiving holiday tomorrow, expect light trading volume for markets. Traders may take advantage of the volatility, while investors should not commit to any long-term positions until trading volumes return next week.
