Nvidia Leads Chips Up as Software Slides

The ten lines

1. 1

   UP Nvidia

   NVDA

   Nvidia is up close to 5% by midday, the single biggest lift on the board and the reason the chip ETFs are green while the rest of tech is not. After Tuesday's 2% drop, the stock is recovering the ground it lost in the bond-driven selloff, and the read-across is already visible: Advantest's US-listed shares are up 2%, so after Tokyo's 2.9% and Seoul's 4% falls overnight, Asian AI and chip stocks look set up for a better Thursday.

2. 2

   UP Dell Technologies

   DELL

   Dell is up 7.9% to 458.70 and back above its 50-day average after a quarter that beat on every line: earnings of $7.04 a share against $4.91 expected, revenue up 58%, and a full-year forecast raised by $25 billion to $192 billion on AI server orders. Lenovo is rising with it, so the PC-and-server group is one of the day's clear winners, and Hewlett Packard Enterprise reports tonight into that mood. Dell had fallen 7% into the report; the discount is gone by lunchtime, and this reaction is one of four from Tuesday night that this page scores at Friday's close.

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4. 3

   UP GitLab

   GTLB

   GitLab is up 12.5% on its own earnings, the one software stock the market is rewarding today: revenue up 21% to $286 million, earnings of $0.25 a share against $0.18 expected, and a raised full-year forecast. It was up 22% before the open, so it has given back part of the jump, but on a day when almost every other software name is red, holding a double-digit gain is the story.