Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

NVIDIA's Stellar Earnings Boost Semiconductor ETFs

Published 02/27/2024, 09:14 AM
Updated 07/17/2023, 03:51 PM

NVIDIA (NASDAQ:NVDA) Shares Skyrocket

NVIDIA has been at the forefront of benefiting from surging demand for artificial intelligence (AI) technologies in 2023. The chip giant has not only maintained but substantially amplified its momentum in early 2024. After a stellar performance of almost 240% last year, NVIDIA shares showed a year-to-date gain of 59.16%. This surge underscores NVIDIA's pivotal role in the evolving tech landscape.

Earnings Report Exceeds Expectations

NVIDIA unveiled its Q4 earnings this week, shattering analyst expectations with a revenue leap to $22.1 billion, marking a 265% increase year-over-year. More impressively, its net income skyrocketed by 769% Y/Y, reaching $12.285 billion.

NVIDIA’s stock (NVDA) finished the week with a gain of 8.54%, bringing its year-to-date performance to 59.16% and propelling its market cap to $2 trillion. This is the fifth company to attain this milestone.

Interested in a deep dive into NVIDIA’s results? Read Nvidia's Q4 Performance: Strong Company Growth and Stock Valuation Risk

This surge lifted not only the IT sector, which increased by 1.97% week-over-week but also influenced broad-based indices due to the significant weight of big tech.

Semiconductor ETFs Shine Again

Specifically, the semiconductor ETFs, buoyed by NVIDIA's performance, climbed by 2.38% over the week while other tech-related themes such as Next Generation Internet and Cybersecurity experienced downturns, closing the week with losses of 2.31% and 3.03% respectively.

Notably the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) have largely benefited from the rebound of Nvidia's shares. The latter account for 19.4% of the SMH ETF portfolio and 7.53% of the SOXX ETF portfolio. These funds gained 3.38% and 1.83% respectively over the week. Such performance highlights the critical role NVIDIA's growth and sector-wide optimism play in influencing the trajectory of semiconductor ETFs.

Group Data

Group Data

Index Data

Index Data

Funds Specific Data

Funds Specific Data
This content was originally published by our partners at ETF Central.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.