Shares of technology companies rose ahead of Nvidia's earnings report Wednesday, amid artificial-intelligence enthusiasm.
Nvidia shares hit all-time highs, roughly double its value at the start of the year.
"Nvidia has been on fire in terms of earnings, revenue, and stock appreciation," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"All eyes will be glued to the monitors Wednesday afternoon to see if Nvidia did it again. Of course, Nvidia earnings are more than simply results for one company but rather an indicator of the overall health and outlook of AI, in general," said Joyce.
Micron shares rose after analysts at brokerage Morgan Stanley raised their rating on the maker of memory chips, saying the brokerage's previously bearish analysis had overlooked the potential for AI applications of memory chips.
Palo Alto Networks shares slid after the cybersecurity company failed to sport much upside with its latest quarterly forecast, which bracketed the consensus view.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-20-24 1730ET
