Nvidia, Micron, Intel Rise in Pre-Market Trading as Chip Stocks Rally

Nvidia Corporation shares rose 7.41% in pre-market trading on Thursday, following the company's strong revenue guidance after robust second-quarter results.

Meanwhile, Micron Technology, Intel Corporation, Advanced Micro Devices, and Broadcom shares rose 4.44%, 2.82%, 1.73%, and 1.85%, respectively.

Nvidia Chief Financial Officer Colette Kress said on Wednesday that the company expects 70% revenue growth in fiscal 2028, spanning February 2027 to January 2028.

Chief Executive Officer Jensen Huang mentioned that demand is "well above 70%," but the company's current product supply capacity is constrained. Nvidia's primary manufacturer TSMC is still dealing with supply limitations, while memory chips, a key component of Nvidia's systems, continue to be in short supply.

Huang added that Nvidia has "never made a forecast a year ahead," but the company now has "greater visibility" across its supply chain, enabling it to do so.

Nvidia Doubles Down on AI Expansion

The company's second-quarter revenue grew 106% year-over-year to $96.22 billion. Huang said "AI infrastructure construction is in full swing," indicating Nvidia's aggressive expansion in the AI sector.

If Nvidia meets its third-quarter guidance of $108 billion, its revenue could surge approximately 1,730% over four years—a growth rate that the Kobeissi Letter called unprecedented for a company of comparable size in modern corporate history.

Meanwhile, the chipmaker has reportedly agreed to acquire open-source AI model library Hugging Face for up to $12.9 billion, further strengthening the company's control over open-source AI models. The acquisition is one of Nvidia's largest deals to date, trailing only the $20 billion Groq acquisition.