Why NVIDIA Stock Jumped 23% in June
Shares of NVIDIA (NASDAQ: NVDA) gained 23.1% in value last month, according to data provided by S&P Global Market Intelligence. During June, Broadcom, Marvell Technology, and MediaTek expressed support for NVIDIA's $40 billion acquisition of Arm Holdings from Softbank Group (OTC: SFTBF) (OTC: SOBK.Y). The proposed acquisition is currently making its way through a rigorous regulatory review process, but the vote of support from three of Arm's customers puts the deal one big step closer to being finalized.
This news comes on top of incredible momentum NVIDIA has right now. It delivered a terrific earnings report in May, with revenue reaching a record $5.66 billion, up 84% year over year, and there's no sign of growth slowing down.
Source Fool.com
