NEW YORK: Wall Street stocks mostly rose early Thursday following blowout earnings from artificial intelligence leader Nvidia that lifted other chip companies.
Nvidia reported a net profit of $14.9 billion, while its revenue of $26 billion was almost four times what it took in during the same fiscal quarter last year.
“Now what’s good for Nvidia is good for America, and it’s taken over as the king of Wall Street,” said Adam Sarhan of 50 Park Investment, adding that the chip company “crushed” estimates.
Wall Street listless in countdown to Nvidia results, Fed minutes
About 15 minutes into trading, the tech-rich Nasdaq Composite Index was up 0.9 percent at 16,943.62, above its all-time closing high.
The Dow Jones Industrial Average fell 0.4 percent to 39,518.37, while the broad-based S&P 500 advanced 0.3 percent to 5,325.09.
Among other companies, DuPont advanced 0.8 percent after announcing plans to split up into three independent publicly traded companies, with separations for companies focused on electronics and water.
Live Nation Entertainment dropped 4.4 percent following reports that the US Justice Department will sue the company, charging that it should be broken up over an alleged ticketing monopoly for rock concerts and other live events.
News Corp rose 1.8 percent after OpenAI announced an agreement with the news chain to bring news content to the platform.
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