Nvidia Corp. experienced a surge in late trading after providing an impressive sales forecast, adding more momentum to a stock rally that has already made it the world's most valuable chipmaker. The company's revenue in the current period is expected to be around $24 billion, surpassing analysts' average prediction of $21.9 billion.
The company's results and forecast significantly exceeded Wall Street estimates, with fourth-quarter results also surpassing expectations. This surge in Nvidia's performance is largely attributed to the ongoing boom in AI, with the company remaining the biggest beneficiary of the AI spending spree.
Key takeaways:
Nvidia Corp. surged in late trading after delivering a strong sales forecast.
The company's results and forecast exceeded Wall Street estimates.
Revenue in the current period will be about $24 billion, higher than the predicted $21.9 billion.
Nvidia remains the biggest beneficiary of AI spending spree.
