NVIDIA Corp (NASDAQ: NVDA) is enjoying a boost in its stock price today, thanks in part to the positive quarterly results from Meta Platforms Inc. (NASDAQ: META).
In an impressive second-quarter performance, Meta Platforms reported a revenue of $32 billion, marking an 11% year-over-year increase and surpassing the Street’s consensus estimate of $31.12 billion.
The earnings per share for the same period came in at $2.98, exceeding the Street’s consensus estimate of $2.91. Alongside this, the social media firm expressed its optimism regarding its investments in artificial intelligence initiatives.
These stellar results have contributed to the overall Wall Street momentum driving up stock prices in the technology sector.
The upbeat earnings announcements began earlier in the week with Microsoft Corp (NASDAQ: MSFT) and Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) positive reports, which also had a favorable impact on Wall Street. Both companies emphasized their commitment to advancing AI initiatives.
This positive sentiment is also reflected in the performance of semiconductor ETFs in the U.S., such as VanEck Semiconductor ETF (NASDAQ: SMH) and iShares Semiconductor ETF (NASDAQ: SOXX), which are trading higher by over 2% today.
Furthermore, broader index ETFs like SPDR S&P 500 (NASDAQ: SPY) and Invesco QQQ Trust, Series 1 (NASDAQ: QQQ), are also experiencing gains, currently up by approximately 1%.
NVIDIA’s stock has seen an impressive 218% year-to-date increase, cementing its position as one of the major beneficiaries of the AI frenzy.