NVDA Explodes on Upbeat Sales Forecast 📈

The S&P 500 and Dow fell 0.7% on Wednesday, while the Nasdaq slid 0.6%. The small-cap Russell 2K sold off for a 1.1% loss.

Futures are mixed in early trading. Dow contracts are down 0.2%, but S&P 500 futures are up 0.5% ahead of the opening bell.

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Nvidia is rallying after a strong sales forecast.

The high-tech chipmaker projected its current-quarter sales will grow by 64% to a record $11 billion, thanks to soaring demand for AI-related products.

CEO Jensen Huang said the firm is developing a new generation of advanced chips for AI calculations in data center.

According to Huang, the company is "significantly increasing" its supply to meet the "surging demand."

This update sparked off a big rally in shares of NVDA. The stock is currently up 27.3% in the premarket.

My Take: NVDA was already up more than 100% in 2023 before today's rally. Now, it's closing in on a $1 trillion valuation. This stock is starting to look it could be unstoppable.

The Nvidia rally is rubbing off on Advanced Micro.

AMD is rallying this morning in lock-step with Nvidia, as investors hope the advanced semiconductor company will see similar growth.

Shares of AMD began to rally in sympathy with the NVDA news, although its current gains are substantially smaller.

AMD has been on a tear since early May, and the NVDA rally is adding to its already strong momentum.

AMD is one of today's top S&P 500 stocks with a 9.2% gain.

My Take: AMD hasn't performed as well as NVDA over the past few months, but it appears the stock is on the up-and-up. It has been trending higher since Oct. 2022, and it just broke through a key resistance point.

A merger announcement is boosting shares of Kubient.

The cloud-software firm's wholly-owned subsidiary has signed a definitive merger agreement to acquire Adomni.

Upon closing, the combined company will operate under the name Adomni, Inc., according to a statement released late Wednesday.

Kubient said the deal "allow Adomni to strengthen and diversify its advertising technology platform" and "address a much larger, growing digital ad market,"

Financial details of the agreement weren't disclosed.

KBNT is up 119.5% on active trading volume in response to the news.

My Take: The market seems to really like this deal. KBNT might have hit a home run with this one.

X Financial [XYF] - Last Close: $3.10

X Financial is on the rise after its quarterly report.

After Wednesday's close, the company released its Q1 earnings report, and the numbers impressed investors.

X Financial reported quarterly earnings of $0.91 per depository share, marking a 112.0% increase from the same period last year.

Sales came to $146.33 million for the quarter, growing 4.42% from the year-earlier quarter's $140.13 million figure.

XYF is rallying on the heels of the strong quarterly report. It's one of this morning's top premarket performers, with a 33.2% gain.

My Take: I wouldn't put too much faith in XYF. Chinese stocks are notoriously volatile and unpredictable, so I would recommend you take extreme caution if you decide to dabble in this trade.

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