What's Going On With Nvidia Stock Thursday?

NVIDIA Corp NVDA shares are trading higher Thursday. The stock appears to be getting a lift from Micron Technology Inc's MU strong guidance. 

What To Know: Micron shares are trading higher Thursday on the heels of the company's quarterly results. Several chipmakers appear to be moving higher in sympathy. 

Micron reported first-quarter revenue of $4.73 billion, which beat the consensus estimate of $4.27 billion, according to Benzinga Pro. The company reported a quarterly loss of 95 cents per share, which missed analyst estimates for a loss of 91 cents per share.

"Micron's strong execution and pricing drove better-than-anticipated first quarter financial results. We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025," said Sanjay Mehrotra, president and CEO of Micron.

Micron said it expects fiscal second-quarter revenue of $5.3 billion, plus or minus $200 million, versus estimates of $5.03 billion. The company anticipates a second-quarter adjusted loss of 21 cents to 35 cents per share versus estimates for a loss of 62 cents per share.

Micron also highlighted "immense opportunities" that AI is "fueling across end markets," which is likely helping boost Nvidia shares Thursday, given the chipmaker is one of the biggest AI beneficiaries.

Following the print, several analysts raised price targets on Micron, ranging from $74.75 to $140. 

See Also: Micron Q1 Earnings Performance: Revenue Beat, EPS Miss, Strong Guidance, AI Opportunity And More

NVDA Price Action: Nvidia shares were up 1.57% at $488.66 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nvidia.