May 22, 2024, 11:50 p.m.
17

Nvidia shares jump after AI chip maker unveils stock split, rosy sales forecast - New York Post

Nvidia announced higher-than-expected quarterly revenue forecasts and a stock split, resulting in its shares reaching a record high. The company's market value has tripled in the past year due to optimism surrounding AI. Nvidia's stock jumped 5. 9% in after-hours trading, surpassing the $1, 000 mark, and increasing its overall market value by $140 billion. The company reported first-quarter revenue of $26. 04 billion, surpassing estimates of $24. 65 billion. It also announced a stock split and an increase in quarterly dividends. Nvidia's strong performance is expected to impact the stock market rally and benefit other AI-related chipmakers. CEO Jensen Huang stated that the company's Blackwell AI chips will be shipped in the current fiscal quarter, with anticipation of high demand.

Nvidia predicts second-quarter revenue of $28 billion, exceeding analysts' estimates. The company dominates over 80% of the AI chip market and saw significant growth in its data center segment. Nvidia's high-performance chips, combined with its CUDA software framework, maintain its lead in AI data centers. Despite other companies developing custom AI chips, analysts believe Nvidia's market share will remain intact. The company expects a second-quarter adjusted gross margin of 75. 5%. In the first quarter, it reported an adjusted gross margin of 78. 9%, surpassing estimates of 77%. Nvidia's earnings report exceeded expectations, fueling further investor confidence in AI investments.

News source



Create a post

based on this news in the Content Maker

June 19, 2024, 9 a.m.

Surface Pro (2024) first impressions: This AI tab…

The initial experience with the Microsoft Surface Pro (2024) tablet was disappointing due to unexpected reboots and issues with the Surface Pro Flex Keyboard

June 19, 2024, 7:21 a.m.

European Stocks Trade Steady After AI Rally in US…

European stocks experienced minimal movement as traders searched for new catalysts following the recent tech-driven rally in the US

June 19, 2024, 4:22 a.m.

The Take: How your content could soon feed Meta's…

Meta's plan to train AI using social media posts is currently on hold in the European Union due to public backlash

June 19, 2024, 1:41 a.m.

Meta Releases AI Models That Generate Both Text a…

Meta's Fundamental AI Research (FAIR) team announced the release of five new artificial intelligence (AI) research models

June 18, 2024, 11:18 p.m.

Morgan Stanley names stocks to tap upgrade superc…

According to Morgan Stanley, the market is undervaluing the significance of advanced packaging in semiconductors for artificial intelligence (AI)

June 18, 2024, 11:11 p.m.

Nvidia pushes out Apple, Microsoft to become worl…

Nvidia, the chip maker at the forefront of the artificial intelligence (AI) boom, surpassed Microsoft and Apple on Tuesday to become the world's most valuable public company

June 18, 2024, 10:05 p.m.

Luma promoted its AI video generator with some ve…

Last week, Luma, an AI startup, shared a series of videos created using its latest video-generating tool, Dream Machine

All news