Semiconductor maker also announces a 10-for-1 stock split after quarterly results beat high expectations
Record sales of artificial intelligence chips sent Nvidia ’s revenue soaring 262 per cent in the past quarter, beating lofty expectations, and its chief executive said its blockbuster growth was set to continue this year with the launch of a new line of chips.
Demand for Nvidia’s AI data centre graphics processing units has skyrocketed in the past year as the biggest tech companies rush to develop the computing infrastructure needed to deliver powerful new AI products at scale. Google, Microsoft, Meta and Amazon have all indicated that their spending would remain high throughout 2024.Revenue for the three months to the end of April was $26 billion versus consensus estimates of $24.7 billion.
Ahead of the results announcement, traders were bracing for big swings in Nvidia shares and markets more broadly. The stock’s massive rally has made it one of the most closely watched names on Wall Street. Since the start of 2023 its market capitalisation has increased more than six-fold to $2.3 trillion, overtaking Google parent Alphabet and Amazon to become the third-most valuable US-listed company.
But Huang reassured investors that demand for both the Hopper and Blackwell lines was “way ahead of supply”, a situation that would probably continue “well into next year”.
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