American Airlines pilots approved a new contract Monday that is said to improve pilot schedules and includes a pay boost over the next four years. 

The Allied Pilots Association (APA), which represents 15,000 American Airlines pilots, announced that more than 70% of its members voted to ratify a tentative agreement the union struck with the airline earlier this month. 

Contract negotiations started in 2019 and were later delayed by the COVID-19 pandemic. 

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According to the union, pilots will see an immediate pay raise of more than 21% on average. They will also get subsequent pay raises each May and get an increase in 401(k) contributions.

Pilot compensation rates at American will rise by more than 46% over the course of the contract.

Aside from pay, the union said pilots will have a better quality of life with enhanced benefits such as increases in training pay, reassignment pay and per diem, which is money used to cover expenses for an employee during travel. 

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“The pilots of American Airlines have spoken: It’s time to move forward with a new working agreement that provides substantial monetary gains and quality-of-life improvements,” Allied Pilots Association President Capt. Ed Sicher said. 

Sicher noted that the contract marks a “big first step toward restoring the wages, benefits, and work rules that were lost during the past two decades while our profession was under continuous assault.” 

The contract will be amendable on Aug. 1, 2027. However, there is a provision for the next round of bargaining to begin as soon as November 2026, according to the union.

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The move comes after Delta Air Lines pilots voted in March to approve a new contract with significant pay raises and improved benefits. 

That agreement gives Delta’s 15,000 pilots a 34% increase in pay raises over the next four years, costing the company about $7 billion. It also contains policy changes aimed at improving pilots’ quality of life, vacations and other benefits.

Prior to finalizing their contracts, pilots from both airlines picketed at airports nationwide to put pressure on the carrier to reach a new contract that will offer, in part, better pay and better schedules. 

They aren’t the only airlines, either. United’s pilots are slated to vote on a deal approved by the airline and the union this fall. 

Southwest Airlines pilots are still negotiating. 

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Shares of Nvidia were up Monday after HSBC analysts lifted the chipmaker’s price target on an increasing sales forecast for fiscal 2024. 

Researchers are raising their price target from $600 to $780 based on bullish predictions for Nvidia AI data center sales and a significant quarter-over-quarter spike of roughly 29% on $19.4 billion in total sales for fiscal 2024. Consensus estimates have total sales near $13.7 billion.

HSBC also revised its earnings per share (EPS) estimates of 19% and 29%, which are now 21% and 23% above consensus estimates. 

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On Wall Street, shares of Nvidia have risen around 48% the last quarter and nearly 216% since Jan. 1. Over the last five days, shares of the chipmaker are almost 5.9% higher. 

The rapid advance of artificial intelligence applications fueled much of Nvidia’s stock growth throughout the year, pushing its market capitalization over $1 trillion.

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“We see Nvidia likely to beat its previous guidance as our fiscal year 2024 sales now up 9% ahead of consensus estimate and company guidance,” HSBC analyst Frank Lee wrote.

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“Another potential bull case scenario for Nvidia involves the product mix toward more downstream businesses such as its system product line up.” 

Last week, Nvidia shares reached their highest mark of 2023 after HSBC analysts changed their recommendation from “reduce” to “buy” amid increasing opportunities in artificial intelligence.

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