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Why Are Nvidia (NVDA) Shares Soaring Today
Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 6.2% in the afternoon session after markets rallied, with the Nasdaq up 2.1%, while the S&P rose 1.1%, following strong earnings from big tech companies including Microsoft and Alphabet. Notably, the earnings highlighted the strong demand for AI solutions, including cutting-edge AI chips that power most AI applications. These chips are developed by Nvidia and its peers.
Why Intel (INTC) Stock Is Trading Lower Today
Shares of computer processor maker Intel (NASDAQ:INTC) fell 10.9% in the morning session after the company reported first-quarter results, with revenue and EPS falling below Wall Street's expectations. Specifically, revenue in the "All Other" segment, which includes Altera and Mobileye, fell below expectations due to inventory headwinds. Intel observed slightly weaker-than-expected trends during the quarter and called out near-term supply constraints. As a result, guidance wasn't encouraging, as revenue and EPS guidance for the next quarter both missed analysts' expectations by a meaningful magnitude.
Why Atlassian (TEAM) Shares Are Trading Lower Today
Shares of IT project management software company, Atlassian (NASDAQ:TEAM) fell 11.9% in the morning session after the company reported first-quarter results with some challenges in the cloud business raising concerns. Management noted that paid seat expansion remained challenged due to continued softness in the SMB segment, which is in line with the trends observed in the previous quarter.