🚀 NVIDIA to the sky! 🚀

📌 After releasing yet another staggering sales estimate, Nvidia Corp. jumped in late trade, giving a boost to a stock rise that had already made the company the most valuable chipmaker in the world. The corporation announced in a statement on Wednesday that it expects revenue for the current term to reach roughly $24 billion. On average, analysts had projected $21.9 billion. The fourth quarter’s results exceeded Wall Street forecasts as well.

📌 Because of the insatiable demand for its highly sought-after chips, known as artificial intelligence accelerators, which process data for AI models, Nvidia continues to exceed expectations. The ability of chatbots and other generative AI services to generate text and pictures in response to basic instructions has been made possible by technological advancements.

📌 After the announcement, the shares increased by as much as 11% in extended trade. They were up 36% on the year when they closed earlier in New York at $674.72. This year, Nvidia’s market capitalization climbed by over $400 billion, valuing the business at $1.7 trillion as investors continued to back the company’s claim to be the leading benefactor of the AI computing boom.

Source: Bloomberg