Computer chip maker, NVIDIA, crushed analysts’ consensus estimates in the first quarter. Sales hit $26bn, up 262% from last year. Jensen Huang, the firm’s founder and boss, highlighted a strong demand for artificial intelligence (AI) technologies from big data centres. He also pointed out that many governments, including Japan, France, and Singapore, have started building sovereign AIs. The company announced a ten-for-one stock split and a 150% dividend increase.
A mysterious tweet from Keith Gill’s X account reignited the meme-stock frenzy, causing GameStop shares to more than triple. However, investors lost $13bn over the next three days as the stock plummeted back to earth. Hedge funds shorting the stock also found themselves in trouble, reminiscent of their 2021 losses. The firm swiftly announced it plans to sell 45m shares to raise an extra $900m. But analysts don’t think this will stop the firm’s declining sales.
American retail behemoth Walmart reported that sales jumped 6% in th…