Jensen Huang holding Nvidia chip

Nvidia overtakes Google

This week, Nvidia becomes the US’ third most valuable US stock, Coinbase dips after a share sell-off, and Walmart ups its dividend by its highest amount in over a decade.

💡 If you want these updates delivered to your inbox every Friday, sign up here

Green ornament

💡 But first, the macro wrap-up:

US stocks had a slow start to the week, whilst investors continued to digest the hotter-than-expected inflation figures. But on Wednesday, Nvidia’s earnings excited investors, as it showed the AI boom is still in full swing, a key market mover. The S&P 500 gained 0.1% this week and remains 5% up year-to-date.

Nvidia becomes the third most valuable US stock 🤖

On the podium: Shares in Nvidia surged 15% after Wednesday’s earnings, with the chipmaker surpassing Alphabet as the US’s third-most-valuable stock, behind Microsoft and Apple. 

  • Beating estimates: Nvidia’s revenue gained 265%, totalling $22bn. It also forecast a 233% jump in revenue for this upcoming quarter, exceeding analysts' estimates. Turnover for the year also doubled, at $61bn.

  • Tripled: Over the past year, the stock has tripled, as tech giants continue to snap up its supercomputing tech. Tesla, Microsoft and Amazon show no signs of stopping, whilst Meta alone has spent an estimated $9bn+ on Nvidia chips

Coinbase dips 6% as Cathie Wood offloads shares 🪙

Cashing in $90m: Cathie Wood, CEO of Ark Invest who possess over $7bn in assets under management, offloaded 500k Coinbase shares this week, amounting to $90m. 

  • Potential high point? The move comes after Coinbase beat on Q4 earnings last week. Does Wood think the stock has reached a high point?  

  • Incoming ETH ETF? But, major investment analysts such as KBW, Wedbush and JMP Securities increased their rating on Coinbase, amid rumours ETH ETFs could be on the way.  

Walmart jumps 4% after upping dividend 🛒

Exceeding earnings: On Tuesday, America's largest retailer beat Q4 earnings, with online sales jumping 23% to surpass $100bn. It also confirmed a dividend increase and a multi-billion dollar acquisition of smart TV maker Vizio. 

What have we learned this week? 🤓

  • Nvidia excels in B2B: Nvidia’s largest customers include Meta, Tesla, Amazon, and Microsoft - four companies that have near-endless funds, helping Nvidia gain revenue. 

  • ETFs help Coinbase: We saw it with Bitcoin, and we’re seeing it with Ethereum. Crypto ETFs help tokens gain regulated exposure, which is good for Coinbase’s business. 

  • Walmart wants in on ads: Walmart receives serious footfall, and it wants to monetise this by allowing businesses to showcase ads in its physical stores.  

Stock announcements 👀

Here are the key earnings dates to look out for next week:

  • Monday: Zoom

  • Tuesday: Lemonade, Virgin Galactic

  • Wednesday: AMC, HP, Salesforce

Thanks for tucking in! Want to receive these updates every Friday? Sign up here or share via WhatsApp with your friends.

*Figures and ratings correct as of February 22nd 2024.

Past performance does not guarantee future results. Capital at risk when investing. This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor.

Meet the authors

James Ashoo photo

James Ashoo

Senior Content Writer

James has been investing for over five years. His aim is to explain the hard stuff, easily! When he's not chewing your ear off about stocks and crypto, he'll most likely be telling bad jokes.

Harjas Singh

Harjas Singh

Chief Product Officer & Co-Founder

With a wealth of experience in fintech, Harjas is the man in the know when it comes to all things product. Investing features, chatting capabilities and thriving communities – he oversees all development on the Shares app!

Harry Harrison

Harry Harrison

Finance Writer

Harry is an experienced business writer, with a love for all things tech. In his free time, he enjoys reading, playing sport and winning at chess. He also loves posting inside the Shares app!