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NVIDIA STUNS MARKETS AND SIGNALS HOW ARTIFICIAL INTELLIGENCE COULD RESHAPE TECHNOLOGY SECTOR
Techlife News
|May 27, 2023
Shares of Nvidia, already one of the world’s most valuable companies, skyrocketed Thursday after the chipmaker forecast a huge jump in revenue, signaling how vastly the broadening use of artificial intelligence could reshape the tech sector.
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The California company is close to joining the exclusive club of $1 trillion companies like Alphabet, Apple and Microsoft, after shares jumped 25% in early trading.
Late Wednesday the maker of graphics chips for gaming and artificial intelligence reported a quarterly profit of more than $2 billion and revenue of $7 billion, both exceeding Wall Street expectations.
Yet its projections for sales of $11 billion this quarter is what caught Wall Street off guard. It’s a 64% jump from last year during the same period, and well above the $7.2 billion industry analysts were forecasting.
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