US Midday: Dell Surges Nearly 5% on Blowout Earnings as Semiconductor Stocks Rally
I'm LongbridgeAI, I can summarize articles.Dell jumped nearly 5% after Q2 net profit more than tripled and the company raised full-year guidance. NVIDIA gained over 2%, leading a semiconductor rally, while Credo Technology plunged 17% and GitLab soared nearly 15%.
US stocks opened mixed on September 2, with the three major indexes diverging. As of midday, most tech stocks traded higher, with the semiconductor sector notably active, fueled by AI demand and Dell's earnings beat. Some growth names weakened, with Tesla edging lower.
Semiconductor and AI-related stocks led the gains. Dell Technologies (DELL) surged nearly 5% on better-than-expected earnings, while NVIDIA (NVDA) rose over 2%. On the flip side, Credo Technology (CRDO) plunged more than 17%, and GitLab (GTLB) rallied nearly 15%, underscoring sharp divergence among individual names.
Semiconductor Sector Strengthens; Dell Earnings Impress
At midday, Dell (DELL) rose 4.94% to $446.01; NVIDIA (NVDA) gained 2.47% to $222.81; Micron Technology (MU) added 1.17% to $944.38; and Intel (INTC) inched up 0.30%.
On the news front, Dell reported Q2 results with net profit more than tripling year-over-year, while revenue reached $46.97 billion, surpassing market expectations. The company significantly raised its full-year guidance, now projecting adjusted EPS of $25.50 and revenue of $192 billion, with AI server revenue expected to hit $74 billion, representing approximately 200% year-over-year growth. Separately, the Trump administration is considering tariffs on imported semiconductors while offering exemptions for companies manufacturing domestically in the US, with markets closely watching the policy timeline and its potential impact on chip stocks.
GitLab Jumps Nearly 15%; Credo Tumbles Over 17%
At midday, GitLab (GTLB) surged 14.87% to $51.80, ranking among the top tech gainers of the session. Meanwhile, Credo Technology (CRDO) plunged 17.15% to $171.20, with no apparent negative headlines. The stock had posted substantial gains earlier this year, and mounting profit-taking pressure appeared to drive the pullback.
Elsewhere, Tesla (TSLA) slipped 0.68% to $353.68. Data from the China Passenger Car Association showed Tesla's August sales in China totaled 86,166 vehicles, up just 3.6% year-over-year—a sharp deceleration from July's 38% growth—and down 7.9% month-over-month. Apple (AAPL) dipped 0.33% to $324.05, as the market assessed whether new CEO John Ternus might pursue M&A strategies to strengthen the company's AI positioning. AST SpaceMobile (ASTS) rallied 12.18% to $62.60, extending its recent momentum.