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

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.

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