Nvidia shares surge past $700 as demand for AI chips shows no signs of slowing
NY Post
Chip designer Nvidia shares surged in after-hours trading on Wednesday after the company forecast revenue above estimates, banking on towering demand for its industry-leading artificial-intelligence chips.
Nvidia’s fourth-quarter revenue beat estimates by a 7% margin. But for the first three quarters of 2023, Nvidia had reported quarterly revenue that beat analysts’ estimates by between 10% and 20%.
The company forecast current-quarter revenue of $24 billion, plus or minus 2%. Analysts on average were expecting revenue of $22.17 billion, according to LSEG data.
Shares of the Santa Clara, California-based company jumped more than 9% to $741 in volatile after-hours trading.
Nvidia stock has gained more than 30% so far this year as it jockeys with Amazon and Alphabet for a spot among the most valuable companies.
As of Feb. 20, about $30 billion worth of Nvidia shares changed hands daily on average over the past 30 sessions, pulling ahead of electric vehicle maker Tesla, which averaged $22 billion per day over the same period.
