Nvidia forecast second-quarter revenue above estimates on Wednesday and announced a ten-for-one forward stock split, impressing investors who’ve already tripled the chipmaker’s market value prior to now yr on AI optimism.
The Santa Clara, Calif.-based company’s shares climbed 4% after the bell to just about $974.
The AI poster child’s shares have risen greater than 90% to date this yr.
Nvidia reported first-quarter revenue of $26.04 billion, beating estimates of $24.65 billion. CEO Jensen Huang, above. AFP via Getty Images
Demand for Nvidia’s chips stands unparalleled as enterprises spend billions to acquire advanced semiconductors to power data centers able to processing complex AI tasks.
Alphabet, Microsoft, Amazon and other technology firms have competed for a limited supply of Nvidia’s high-end chips as they race to dominate AI computing.
Nvidia’s contract chipmaker, Taiwan Semiconductor Manufacturing, has also been working to extend its advanced packaging capability, a key supply chain constraint for the processors.
The Taiwanese company said in April it expects to greater than double its advanced packaging capability this yr.
The corporate forecast second-quarter revenue of $28 billion, plus or minus 2%.
Analysts on average were expecting revenue of $26.66 billion, in response to LSEG data.
Alphabet, Microsoft, Amazon and other technology firms have competed for a limited supply of Nvidia’s high-end chips as they race to dominate AI computing. via REUTERS
Nvidia reported first-quarter revenue of $26.04 billion, beating estimates of $24.65 billion.