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☆ Nvidia CEO climbs billionaire list as company stock price skyrockets
  + stars: | 2024-02-22 | by ( Jennifer Korn | ) edition.cnn.com   time to read: +3 min
CNN —Nvidia CEO Jensen Huang’s wealth saw a major boost on Thursday as the company he cofounded in 1993 surged in value. Huang, 61, is now worth an estimated $68.1 billion, passing Charles Koch and rapidly gaining on members of the Walton family, who own Walmart, which has a roughly $471 billion market cap. Huang has been at the helm of Nvidia since its beginning, serving as co-founder, CEO, president and board member. Shares of AMD (AMD) were 11% higher on Thursday and Microsoft (MSFT) rose 2%. But the company’s soaring stock price over the past year — shares grew around 230% in 2023 — means Nvidia is now deeply important to the broader market, too.
Persons: Jensen, Huang, Charles Koch, Walton, Elon Musk, Bernard Arnault, Jeff Bezos, Chris Malachowsky, Curtis Priem, Priem, Dan Morgan, Goldman Sachs, ” CNN’s Clare Duffy, Nicole Goodkind Organizations: CNN, Nvidia, Bloomberg, Walmart, Elon, Oregon State University, Stanford University, Devices, Wall Street, AMD, Microsoft, IBM, Synovus Trust Company, Google, Cisco Locations: Malachowsky
☆ AI boom drove Nvidia profits up 580% last year
  + stars: | 2024-02-21 | by ( Clare Duffy | ) edition.cnn.com   time to read: +3 min
That result helped bring the company’s full-year profits up more than 580% from the year earlier. Nvidia also posted fourth quarter revenue gains of 265% year-over-year, also exceeding analyst projections, as the company continues to ride the wave of massive AI investment. And US restrictions introduced last year on exports of advanced AI chips to China, which affected products like Nvidia’s H800 and A800 chips, threaten to choke off access to a massive and fast-growing market. Still, others on Wall Street believe the company still has plenty of room to run. “The outlook for Nvidia is positive as AI chip competition from Intel, AMD, Meta and Microsoft could be months away while demand for Nvidia chips is only surging,” Insider Intelligence senior analyst Gadjo Sevilla said in a note earlier this week.
Persons: Jensen Huang, Dan Morgan, Goldman Sachs, Nvidia’s, China “, ” Morgan, Gadjo Sevilla Organizations: New, New York CNN, Nvidia, Wall Street, IBM, Microsoft, Synovus Trust Company, Google, Cisco, Intel, AMD, Meta, ”, Intelligence Locations: New York, China
☆ Tech earnings hit pause button on market rally
  + stars: | 2023-02-03 | by ( Caroline Valetkevitch Herbert Lash | Caroline Valetkevitch | Herbert Lash | ) www.reuters.com   time to read: +4 min
The reports renewed questions about global economic demand, the effect of higher interest rates and whether the market's January rally got ahead of itself. Apple, the world's largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Amazon said operating profits could fall this quarter due to lower demand, and Alphabet's online advertisers cut back their spend as well. Shares of the three companies dropped after the results were released and were expected to drag the market lower Friday following a euphoric rally Thursday. These three firms and Microsoft (MSFT.O), the four U.S. companies with trillion-dollar market values, have led the broad-market S&P 500 in 2023.
☆ What the heck happened to Salesforce?
  + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
Exhibit A: software giant Salesforce. Salesforce (CRM) has lagged the performance of top cloud software rivals such as Microsoft (MSFT), Germany’s SAP (SAP) and Oracle (ORCL). Salesforce said it now expects earnings per share of about $1.20 to $1.21 for this quarter and sales of $7.82 billion to $7.83 billion. So is Salesforce, led by co-CEOs Marc Benioff and Bret Taylor, due for a comeback in 2023? Salesforce has spent nearly $50 billion since 2018 to buy application software company MuleSoft, data visualization software leader Tableau and workplace productivity suite Slack.
☆ Apple earnings: Is the iPhone 14 recession proof?
  + stars: | 2022-10-27 | by ( Clare Duffy | ) edition.cnn.com   time to read: +3 min
New York CNN Business —Apple is about to offer its first hints about iPhone 14 sales after weeks of rumors that demand for its latest smartphone lineup could be weaker than initially expected. On Thursday afternoon, Apple will report earnings results for the September quarter, a period that includes about two weeks’ worth of sales of the iPhone 14 lineup. Apple (AAPL) shares briefly dipped last month following a report that the company had abandoned plans to increase production of the iPhone 14 lineup in the second half of this year because of lower-than-expected demand. The higher-cost iPhone 14 Pro model appears to be the most popular of the new models, which is expected to boost average selling prices for iPhones across the board, according to Angelo Zino, senior equity analyst at CFRA research. Apple earlier this week raised the prices for its music and TV streaming services, which could help boost sales going forward.
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