Nvidia reported strong earnings, announced 10-for-1 stock split, potential for ServiceNow to follow

From Nasdaq: 2024-06-01 04:30:00

Nvidia (NASDAQ: NVDA) reported impressive first-quarter results with revenue more than tripling due to high demand for its AI chips and systems. The company also announced a 10-for-1 stock split, which will not change the company’s value. ServiceNow (NYSE: NOW) may be the next AI company to split its stock.

Nvidia has a strong competitive position with over 95% market share in workstation GPUs and 90% in data center GPUs. AI spending is expected to grow at 36% annually through 2030. ServiceNow, a leader in IT software, integrates AI into its products for different operational workflows.

ServiceNow reported solid revenue and non-GAAP net income growth in the first quarter, with strong financial results. Despite light guidance, the company maintains its medium-term financial targets with a 20% revenue growth expectation. Wall Street predicts 30% annual EPS growth, making it an attractive investment opportunity.

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Read more at Nasdaq: Nvidia Just Announced a 10-for-1 Stock Split in June. This Artificial Intelligence (AI) Stock Could Be the Next Split.