Millennial investors are having a big payday as this popular tech stock soars

VR nvidiaRandy Shropshire/GettyActor Robbie Amell checks out the latest virtual reality and gaming technology at a VIP Alienware Party during E3, in partnership with NVIDIA and Intel, at the 3D Live Studio on June 13, 2016 in Los Angeles, California.

It’s a good Wednesday for Nvidia shareholders.

The graphic-chips maker is soaring 13% after its first-quarter earnings results released on Tuesday beat analysts’ expectations.

Nvidia is the sixth-largest holding with millennials on the trading platform Robinhood, according to Sahill Poddar, the company’s data scientist.

Nvidia reported a 48.4% jump in quarterly revenue, helped by demand for its chips that are used by major providers of cloud computing, Reuters reported. Revenue from its gaming business jumped nearly 50% to $US1.03 billion.

Nvidia’s stock has surged 218% over the past year.

AMD, a competitor in the market for graphics processing units, is the top holding on Robinhood. In contrast, its earnings sent the stock tumbling by 24% after disappointing forecasts for gross margins.

More from Akin Oyedele:

NOW WATCH: How crystal meth helped the Nazis conquer large parts of Europe

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.