What's Going On With Nvidia Stock Friday?

Nvidia Corp NVDA trades higher Friday amid Intel Corp INTC reporting upbeat second-quarter results.

Intel reported second-quarter revenue of $12.9 billion, down 15% year-over-year but ahead of a Street consensus estimate of $10.97 billion.

EPS of $0.13 beat a Street consensus estimate of a loss of $(0.03).

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During its conference call, Intel CEO Pat Gelsinger said the company's AI chip sales pipeline is $1 billion.

Meanwhile, Nvidia supplier Taiwan Semiconductor Manufacturing Company Ltd TSM inaugurated a massive research and development facility built in Taiwan's tech hub Hsinchu.

The new home for TSMC's R&D efforts - with floor space spanning the equivalent of 42 soccer fields - will accommodate over 7,000 staff by September, including the researchers developing its most advanced technology and scholars working on exploratory research, Reuters reports.

TSMC has committed $40 billion to build a chip factory in the U.S. state of Arizona. It is also building one in Japan and considering a second one there and is in talks with officials in Germany about building a plant there.

U.S. semiconductor ETFs with significant exposure to Nvidia, like VanEck Semiconductor ETF SMH and IShares Semiconductor ETF SOXX, are trading higher by ~2% Friday.

Meanwhile, Commerce Secretary Gina Raimondo said on Wednesday that the U.S. controls exports to China, but rules will cost firms some revenue, Reuters reported. The U.S. chipmakers had been canvassing the policymakers to go softer on their China policy.

Nvidia, along with peers like Intel, has sizable exposure to China.

Price Action: NVDA shares traded higher by 1.29% at $464.50 on the last check Friday.