Nvidia's shares rose in premarket trading due to a boost in demand for artificial intelligence chips, as the company's market value reached $3.1 trillion. Citi also increased its price target on Nvidia, forecasting a 19% potential upside over the next year, citing increased earnings expectations and higher demand as AI adoption rises.
FedEx's adjusted earnings for the fiscal fourth quarter surpassed estimates, with the company reporting earnings of $5.41 per share, beating the Zacks Consensus Estimate of $5.34 per share. This marked an earnings surprise of 1.31%.
AI is expected to positively impact Shopify's growth and margins. Citi analyst Tyler Radke believes Shopify is on the right side of AI, growth, and margins heading into 2025. The increased marketing spend, driven by AI adoption, is seen as a net positive due to favorable return on investment. Shopify's revenue growth is anticipated to accelerate in the second half of 2024, with profitability set to inflect in 2025.