Nvidia’s shares rose 28% after hours to hit an all-time high of $391.50. This increased its market value from nearly $200 billion to over $960 billion. Maintaining the Silicon Valley company’s leadership as the world’s most valuable chipmaker and Wall Street’s fifth profitable company.
“All the interest in AI and Nvidia Q1 and Q2. Earnings has provided some clear evidence that AI is real,” said Daniel Morgan. Senior director of the Synovus Trust in Atlanta.
Nvidia forecast third-quarter revenue 50% above Wall Street’s expectations. And CEO Jensen Huang said in a statement that. The company is “increasing our manufacturing capacity to meet data center chips.” increasing demand for”.
The rose after a strong report from Nvidia, adding nearly $100 billion to its market cap hours later. And Sinéad Carew May 25, 2023: 44:44 GMT+5:30 Updated 5 hours ago Picture showing AI4 skills word 4. This picture was take on May 4, 2023. REUTERS/Dado Ruvic/Illustration May 24 (Reuters) – AI-related stocks rose in long-term trading on Wednesday.
After chipmaker Nvidia Corp (NVDA.O) forecast strong revenue and supporting growth. Market capitalization has raised approximately $300 billion to develop artificial intelligence chips to meet growing demand.
Nvidia’s shares rose 28% after hours to hit an all-time high of $391.50. This increased its market value from nearly $200 billion to over $960 billion. Maintaining the Silicon Valley company’s leadership as the world’s most valuable chipmaker and Wall Street’s fifth profitable company.
Reuters Graphics Daniel Morgan, CEO of the Synovus Trust. Said, “With all the interest in AI and Nvidia’s massive success in Q1 results and Q2 expectations. This means that AI is yes.” “It provides some clear evidence that it’s happening.” in Atlanta. Morgan said Synovus has stakes in Nvidia.
Nvidia forecast third-quarter revenue more than 50% above Wall Street expectations and CEO Jensen Huang. Said in a statement that the company is “increasing our product to meet growing demand” for data center chips.
Another share of the company’s intelligence-related intelligence rose after Nvidia’s strong report. Adding nearly $100 billion to market capitalization hours later.
Rival chipmaker Advanced Micro Devices Inc (AMD.O) increased by 10%. Microsoft Corp (MSFT.O) and Google parent company Alphabet Inc (GOOGL.O), both keen to implement artificial intelligence in web search engines. Were up nearly 2 percent each.
Artificial intelligence software manufacturer C3.ai (AI.N) and Palantir Technologies (PLTR.N), which recently launched their own artificial intelligence platform. Both rose about 8 percent.
Interest in AI has exploded this year, following the OpenAI startup ChatGPT. Which attracted more than 1 million users per week. AI tools can generate new content such as full text, images, and software code using previous data.
Ahead of Nvidia’s report Wednesday, AI prospects have already boosted the stock 109% in 2023. The chipmaker’s S&P 500 (.SPX) lead was the best this year. The deal puts Nvidia in roughly 60x forward earnings and is close to a 68x peak expected in 2021.
Nvidia said it expects sales of $11 billion in the current quarter. Up 2%, 50% above Wall Street’s estimate of $7.15 billion. Nvidia shares are up 109% so far before the after-hours trade in 2023. Largely driven by expectations for the company’s market leadership in AI chips. CEO Jensen Huang said the company is seeing an “increase in demand” for computing devices.
Nvidia’s data center group reported sales of $4.28 billion, up 14% year-over-year, versus expectations of $3.9 billion. Nvidia said the performance is drive. By demand for GPU chips from cloud service providers as well as major internet companies. That use Nvidia chips to train and deploy complex AI applications like OpenAI’s ChatGPT.
