As of 10 a.m., shares of the chipmaker are up 5.6%, after jumping out of the gate. Time.
What is causing the stock to rise? There may be a confluence of factors.
The stock markets are generally in the green as of the same time this morning, with the Dow Jones Industrial Average up 2% and the Nasdaq up 2.5%. Nvidia stock is benefiting from investor optimism, and rising tides tend to lift all boats.
Last night, the company announced that it will hold an investor day at 1 p.m. On March 22. The presentation is being timed to coincide with the company's virtual Graphics Technology Conference, which the company's vice president of developer programs, Greg Estes, promised to deliver.
In order to win the technology race with China, the president is supporting new legislation that would make America less susceptible to shocks from outside.
The aim of these subsidies would be to accelerate the building of the domestic Semiconductor industry, which is a focal point of this effort.
While there is no guarantee this bill will be passed, and no certainty about how much of the contemplated subsidies will go to Nvidia, investors are taking this news as a positive for the stock.
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