Shares of Snap (SNAP) jumped Wednesday after the social media company posted better-than-anticipated results and announced a stock buyback.

The owner of the Snapchat photo and video sharing app reported third quarter non-GAAP earnings per share of $0.08, with revenue advancing more than 15% to $1.37 billion. Both exceeded estimates. (On a GAAP basis, the company reported a loss.) The stock was recently up about 13%.

Average daily active users increased by 1 million from last year to 11 million, while average revenue per user was up $0.24 to $3.10. Advertising revenue climbed 9.3% to $1.25 billion. All those figures were also more than expected.

CEO Evan Speigel said that Snap’s investments in AI and AR “are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our longterm growth opportunity.”

The company said the board has approved an up to $500 million share repurchase plan set to run for 12 months.

Despite today’s gains, shares of Snap have lost roughly a quarter of their value this year.

Among other social stocks, Reddit (RDDT) also reported results last night, while Meta Platforms' (META) numbers are due after today's closing ball.

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Shares of Nvidia (NVDA) are nearing their all-time highs Wednesday morning on positive news about the chipmaker's artificial intelligence (AI) products.

Nvidia shares, which have ended higher the past five sessions, recently edged up to $133.30. Their all-time closing high is $135.58, achieved on June 18, and record intraday high is $140.76, recorded the following session two days later, after markets were closed for Juneteenth.

On Tuesday, contract electronics manufacturing giant Foxconn reported strong demand for its servers powered by Nvidia's GB200 semiconductors, part of the latter's Blackwell architecture. Microsoft announced it was "the 1st cloud" running the Blackwell system with GB200-powered AI servers. OpenAI also thanked Nvidia for delivering "one of the first engineering builds of the DGX B200 to our office."

Also yesterday, Nvidia noted that the Blackwell platform has slashed energy consumption by up to 2,000 times over the last decade for AI training models such as OpenAI's GPT-4.

Bob Pette, vice president and general manager of Nvidia's enterprise platforms, told participants at the company's AI Summit that "We are in the dawn of a new industrial revolution," adding that the firm is "designing our systems with not just performance in mind, but with energy efficiency in mind."

Nvidia shares have soared about 170% this year.

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