Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand
Summary
Nvidia co-founder and CEO Jensen Huang attends an event during the annual Computex computer exhibition in Taipei. Nvidia reported first-quarter earnings for its fiscal 2024 on Wednesday, with a stronger-than-expected forecast that drove shares up 26% in extended trading. Prior to the after-hours move, Nvidia stock was up 109% so far in 2023, mostly driven by optimism stemming from the companys leading position in the market for artificial intelligence chips. Nvidias strong performance in data center shows that AI chips are becoming increasingly important for cloud providers and other companies that run large numbers of servers. Nvidia blamed the decline on a slower macroeconomic environment as well as the ramp up of the companys latest GPUs for gaming.
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