Why Nvidia Stock Jumped Today
Shares of Nvidia (NASDAQ: NVDA) climbed on Monday after Facebook (NASDAQ: FB) announced a massive increase in its capital spending plans for 2022.
As of 3:07 p.m. EDT, Nvidia's stock price was up more than 7%.
In its third-quarter earnings release, Facebook said that it intends to allocate as much as $34 billion toward capital expenditures next year, which would represent a year-over-year increase of up to 79%. The lion's share of its investments will be geared toward bolstering the social media giant's data center network and other technology infrastructure.
Source Fool.com
