Nvidia’s earnings have become as important for US markets as key economic data, according to analysts, as the chipmaker prepares to announce quarterly results that will allow investors to gauge the health of the artificial intelligence boom.
Futures tracking the S&P 500 and the Nasdaq Composite were steady on Wednesday, ahead of the company’s second-quarter results due after the market’s close, while the Stoxx Europe 600 was up 0.5 per cent.
Nvidia’s share price has surged 160 per cent this year, propelled by a boom in spending on AI, which its chips power, and now has a $3.1tn market value, surpassed only by Apple. It accounts for about 6 per cent of the S&P 500 and more than a quarter of the benchmark’s 18 per cent gains this year.
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