Business Desk
May 23, 2024
Nvidia predicted the figures of its quarterly revenue more than estimated on Wednesday and announced a stock split while raising its shares to all-time high and beckoning its biggest backers that played a critical role in tripling the chipmaker's market value during the past few months due to optimism around AI.
Gaining 5.9% to $1,005, Nvidia shares marched beyond the $1,000 mark and added almost $140 billion in stock market value.
Having registered an uptick of 90% so far during the ongoing year, it appears that the Nvidia stock's close at Wednesday's after-hours value in the next day's Wall Street trading session would have all the past records broken.
When will Nvidia stock split
The chipmaker giant announced that it would split its stock ten-for-one which would be implemented by June 7, while adding its quarterly dividend would be increased by 150% to 1 cent per share after the split is taken place.
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"Death, taxes, and NVDA beats on earnings. Even in the face of huge expectations, the company once again stepped up and delivered," said Ryan Detrick, chief market strategist at Carson Group. "The always important data center revenue was strong, while future revenue was also impressive."
Nvidia earnings stock split
Being the most prominent event of the Wall Street this week, Nvidia's earnings report is expected to further propel stock market rally which took to further height the bar of record highs during the ongoing week.
Following the announcement of Nvidia's forecast report, shares of Advanced Micro Devices and Broadcom — two formidable contenders in the AI chip market — also rose about 2%.
When is Nvidia stock split
The chipmaker giant announced that it would split its stock ten-for-one which would be implemented by June 7, while adding its quarterly dividend would be increased by 150% to 1 cent per share after the split is taken place.
