Quick Recap: It’s No Surprise, AI Continues to Dominate Tech Earnings This Season
    Quick Recap: It’s No Surprise, AI Continues to Dominate Tech Earnings This Season
    PRISM Markets

    Quick Recap: It’s No Surprise, AI Continues to Dominate Tech Earnings This Season

    01 February 2024

    New York, February 01, 2024 - PRISM MarketView - Leading companies in technology and related fields are reporting October-December results, providing insight on how artificial intelligence (AI) continues to impact future earnings.  
    SK Hynix, a South Korean chipmaker, saw increased profits due to high-performance DRAM memory sales for AI systems. While Taiwan Semiconductor Manufacturing Co. (TSM) predicts revenue growth with the spread of generative AI, leading to a stock price jump. Generative AI had a breakout year in 2023, driving demand for high-performance servers.
    Nvidia, (NVDA) another key player in generative AI tripled its share price in 2023, and Super Micro Computer (SMCI), a server maker with Nvidia GPUs, experienced stock surges. ASML Holding (ASML), a chipmaking equipment company, saw a rise in stock after strong earnings from AI-related product investments. IBM‘s (IBM) stock rose as its generative AI-related business doubled. SAP‘s (SAP) stock surged after announcing restructuring plans for a shift towards cloud AI operations. Intel (INTC) fell due to lagging in data center chips and GPUs, while Texas Instruments (TXN) faced headwinds in China.
    Analysts suggest that companies are still in the upfront investment stage in AI, and stock prices are based on expectations. Concerns include potential overinvestment if companies fail to leverage AI successfully. As tech earnings continue, future insights into AI competition are expected from upcoming quarterly results of tech giants.
    PRISM MarketView does not provide investment advice.
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