Nvidia Record High: Surging Demand for AI Chips

Record High for Nvidia: Nvidia’s shares soared to an unprecedented peak, closing above $1,000 for the first time, following a robust fiscal first-quarter performance that surpassed analysts’ expectations. The surge was fueled by a staggering 427% growth in data center revenue, reflecting the unrelenting demand for the company’s artificial intelligence chips. Sean Conlon reports that Nvidia’s revenue reached $26.04 billion, exceeding the forecasted $24.65 billion, with projections of $28 billion for the upcoming quarter. The company’s net income also saw a significant increase to $14.88 billion, or $5.98 per share, compared to the previous year’s $2.04 billion, or 82 cents per share. Additionally, Nvidia announced a 10-for-1 stock split, set to take effect on June 10.

CNBC
Not Applicable
May 24, 2024
Nvidia shares close at record high after forecast signals unwavering demand for AI chips