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Magnificent 7: Nvidia leads premarket gains following Broadcom’s upbeat forecast

Published 07/03/2025, 11:34
© Reuters
MSFT
-0.94%
GOOGL
0.65%
AMAT
-2.84%
AAPL
0.90%
AMZN
-0.80%
NVDA
-2.54%
MRVL
-1.46%
MU
-3.54%
AMD
-1.45%
TSLA
1.10%
META
-1.14%
AVGO
0.00%

Investing.com -- Nvidia (NASDAQ:NVDA) stock is leading the premarket gains among the Magnificent Seven stocks on Friday.

This comes after Broadcom (NASDAQ:AVGO), another chipmaker, provided an optimistic forecast, which has reassured investors about the health of spending on artificial intelligence (AI) computing.

Nvidia saw a rise of up to 2.6% in premarket trading on Friday. Broadcom’s CEO, Hock Tan, announced that the company is increasing production of AI chips for hyperscalers, which has positively influenced Nvidia’s premarket performance.

Broadcom’s adjusted earnings per share (EPS) for the first quarter surpassed the average analyst estimate. In the first quarter results, Broadcom reported an adjusted EPS of $1.60, beating the Bloomberg Consensus estimate of $1.50. The company’s adjusted net revenue stood at $14.92 billion, surpassing the estimate of $14.61 billion.

For the second quarter, Broadcom forecasts a revenue of about $14.9 billion, higher than the estimated $14.59 billion.

Other chip stocks are also experiencing an upward movement. Marvell (NASDAQ:MRVL) saw an increase of 1.5%, Micron (NASDAQ:MU) gained 1.4%, Applied Materials (NASDAQ:AMAT) rose by 1.3%, and AMD (NASDAQ:AMD) by 0.4%. Among the Magnificent Seven stocks, Meta (NASDAQ:META) saw a 0.4% increase, while Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) remained relatively unchanged.

Meanwhile, Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA), and Microsoft (NASDAQ:MSFT) experienced a slight decrease of less than 0.5%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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