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Rising demand for the chips needed to train the latest wave of generative artificial intelligence systems like ChatGPT prompted Nvidia to issue a revenue forecast that was well ahead of Wall Street’s expectations, sending its stock higher in after-market trading. There was a jump in the price of
The US chipmaker said on Wednesday it expected sales to reach $11 billion in the three months through the end of July, far ahead of analysts’ $7.2 billion forecast and cementing its position as the biggest short-term beneficiary of the AI race. and was verifying. The technology industry is broken.
The forecast prompted a 20 percent jump in Nvidia’s shares, which had already more than doubled since the start of the year, and boosted its stock market value to $900 billion.
The bullish forecast came as Nvidia reported that revenue and earnings for its latest quarter through the end of April also topped forecasts, fueled by a jump in sales from data center customers as demand for AI increased.
Jensen Huang, chief executive, said the jump in sales reflects “two simultaneous changes – accelerated computing and generative AI”. He said the company is “significantly increasing its supply to meet growing demand” for its entire family of data center chips, including the H100, a new product launched this year designed to handle the demands of the so-called large language model. was designed for. As OpenAI’s GPT-4.
For the latest quarter, revenue hit $7.19bn, up 19 per cent from the previous three months but down 13 per cent from the previous year, as sales of chips for gaming systems declined.
Earnings per share jumped 22 percent from a year earlier to 82 cents, or $1.09 on a pro forma basis, as Wall Street judges the company. Consensus on Wall Street was for revenue of $6.52 billion and pro forma earnings of 92 cents per share.
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Rising demand for the chips needed to train the latest wave of generative artificial intelligence systems like ChatGPT prompted Nvidia to issue a revenue forecast that was well ahead of Wall Street’s expectations, sending its stock higher in after-market trading. There was a jump in the price of
The US chipmaker said on Wednesday it expected sales to reach $11 billion in the three months through the end of July, far ahead of analysts’ $7.2 billion forecast and cementing its position as the biggest short-term beneficiary of the AI race. and was verifying. The technology industry is broken.
The forecast prompted a 20 percent jump in Nvidia’s shares, which had already more than doubled since the start of the year, and boosted its stock market value to $900 billion.
The bullish forecast came as Nvidia reported that revenue and earnings for its latest quarter through the end of April also topped forecasts, fueled by a jump in sales from data center customers as demand for AI increased.
Jensen Huang, chief executive, said the jump in sales reflects “two simultaneous changes – accelerated computing and generative AI”. He said the company is “significantly increasing its supply to meet growing demand” for its entire family of data center chips, including the H100, a new product launched this year designed to handle the demands of the so-called large language model. was designed for. As OpenAI’s GPT-4.
For the latest quarter, revenue hit $7.19bn, up 19 per cent from the previous three months but down 13 per cent from the previous year, as sales of chips for gaming systems declined.
Earnings per share jumped 22 percent from a year earlier to 82 cents, or $1.09 on a pro forma basis, as Wall Street judges the company. Consensus on Wall Street was for revenue of $6.52 billion and pro forma earnings of 92 cents per share.
