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Chip rally. 🍟 Has chipmaker Nvidia’s (NVDA) success with generative AI come at the expense of legacy manufacturer Intel (INTC)? Some think so, with Nvidia CEO Jensen Huang adding that companies choosing to ignore AI ‘will perish’. Huang also told graduands at National Taiwan University that it won’t be AI taking people’s jobs but that people who are ‘expert with AI will’. Following Nvidia earnings last week - up 19% from the previous quarter, prompting a 27.5% share surge by investors - Bloomberg dug into why the company may be ‘poised’ to be the first chipmaker to join the trillionnaire’s club. Also read: Big tech earnings
AI movers. 👩💻 Marvell Technology’s AI problem-solving innovation seems to be working. Last week Marvell (MRVL) CEO Matt Murphy told investors that ‘AI has emerged as a key growth driver’ for the company, supporting their network connectivity products and cloud optimised platform. The company, which makes chips for data centres, reported a nearly 9% drop in revenue, a number that still beat analyst estimates. Following the news, Marvell’s share price soared 32% to reach today’s annual high of US$65.51.
Working hard or…? 👀 Distilling more than 500 million employee survey responses ain’t easy. Which is why Workday’s (WDAY) Peakon Employee Voice survey application has embraced AI to do the hard work for them. And this kind of AI integration may have helped the finance and HR cloud app company’s revenue. Year-on-year total revenues were up 22% and their subscription revenues were up 23%, with co-founder and co-CEO Aneel Bhusri saying the company is raising their subscription revenue expectations for the rest of the year. Plus, unlike many tech contemporaries, they’re hiring! Also read: Did an AI chatbot write this?
Shopping’s dropping. 🛍️ Unlike Walmart’s (WMT) 7.4% first quarter sales growth, it seems Costco’s typically higher income member shoppers are now feeling the cost of living squeeze. While Kiwis debate the value of bulk buying at Costco (COST) vs our Aotearoa supermarket duopoly - and Aussies simply switch to Costco - the big box retailer last week announced that while earnings rose 3.5% - their weakest growth since 2017 - it was shy of Wall Street analyst expectations set at 4.2%.
Better buying? 🛒 Meanwhile across the road, consumer electronics big box retailer Best Buy (BBY) beat Wall Street estimates but also experienced a sales dip. CEO Corie Barry added that the shopping mecca is seeing signs of ‘recessionary behaviour’ from their customers. The news didn’t hinder investors however, who have since helped lift the retail giant’s share price up 7% following the news. Also read: Home Depot, Target and Walmart surprises
We’re not financial advisors and Hatch news is for your information only. However dazzling our writing, none of it is a recommendation to invest in any of the companies or funds mentioned. If you want support before making any investment decisions, consider seeking financial advice from a licensed provider. We’ve done our best to ensure all information is current when we pushed ‘publish’ on this article. And of course, with investing, your money isn’t guaranteed to grow and there’s always a risk you might lose money.
