Shares of Nvidia Corp., the world’s most valuable publicly traded chip company, jumped 26.83% to $387.54 at 4:52 p.m. GMT, a record high for the stock, after forecasting earnings 50% higher than Wall Street estimates and announced an increase in supply. to meet the demand for artificial intelligence chips.
The company expects sales of $11 billion in the current quarter, and analysts had estimated its revenue to reach about $7.2 billion.
This strong performance has pushed the company to almost $1 trillion in market capitalization, which now has a market value of $952 billion, its highest level ever.
CFAR Research Chief Investment Strategist Sam Stovall said, “The word of the month is AI. Investors are just looking for any room for growth and this is happening now in the semiconductor industry.
Other stocks jumped sharply in light of the big boom in corporate earnings expectations, which are artificial intelligence-related stocks such as Microsoft and Alphabet, which rose 3.55% and 2, 82%, respectively.
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