Closing Bell Overtime: NVIDIA Touches All-Time High After Strong Earnings, Nears $1T Market Cap; NASA Administrator Bill Nelson On Why ‘Space Is The Place’

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 24 May 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Averages closed lower for the second straight day as debt ceiling talks yielded no deal. NewEdge’s Ben Emons and JPMorgan’s Jack Caffrey break down the market action as volatility increases. Huge Overtime moves from Snowflake and NVIDIA after reporting numbers. Atlas Capital’s Bob Diamond talks the latest Fed minutes release. Needham’s Raji Gil breaks down Nvidia’s huge move after a strong guidance: the company stock touching an all-time high in after hours. Madrona Venture’s Matt McIlwain on the earnings from NVIDIA and Snowflake and what AI means for both companies. NASA Administrator Bill Nelson on the new space economy and the companies at the vanguard of the movement.

Transcript

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0:00.0	You got your scorecard on Wall Street closing near the lows but winter stay late
0:03.9	welcome to closing down overtime I am John Fort with Morgan Brennan and we've got a big
0:07.8	hour of earnings coming your way. Gross stories are the theme.
0:11.0	Invidia and Snowflake and video touching 52 weeks highs a week ago,
0:15.2	more than doubling year today.
0:16.4	Snowflake trading at less than half its pandemic peak
0:19.2	looking to show its data prowess is still strong.
0:21.8	We're also gonna get numbers from retailers,
0:24.0	American Eagle, and guests. Reporters are standing by to bring you all of those
0:29.1	results. Plus we'll talk to former Barclay CEO Bob Diamond about the just released Fed minutes and
0:35.5	will get his take on the debt ceiling debate.
0:38.3	But now let's get straight to the market action.
0:39.8	The indices posting back-to-back down sessions and a late day surge fizzled
0:45.4	joining us now Jack Caffrey Equity portfolio manager at JPMorgan
0:48.9	private bank and Ben Emmons new Edge Senior Portfolio Manager with us here on set.
0:55.1	Guys, welcome.
0:56.8	Jack, first to you, do Invidia and Snowflake, which we are waiting for,
1:01.2	matter outside of the individual stocks themselves, especially
1:06.2	in video given it's a high multiple big market cap stock.
1:10.6	It's got an AI story. There's a lot of similarities with some names out there
1:14.8	that have been moving you know I think very much so when we consider the
1:18.4	very the relatively narrow breadth that the market has had this year with so much 75 to 80 percent depending on the day of the
	...

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