Nvidia’s stock price soared after the chip maker reported strong fourth-quarter results earlier this week.
Shares of Nvidia, a leading maker of graphics processing units (GPUs) typically used in artificial intelligence (AI) models, rose 16% on Thursday and were up another 3% as of Friday morning.
The jump came after the company reported fourth-quarter results Wednesday night that beat Wall Street expectations. According to CNBC.
Nvidia announced in a press release that it had record quarterly revenue of $22.1 billion, up 22% from the previous quarter and 265% year over year.
“Accelerated computing and generative AI have reached a tipping point,” NVIDIA founder and CEO Jensen Huang said in a statement. “Demand is surging around the world, across companies, industries and nations.”
As chipmakers rose, so did the stock market. On Thursday, the S&P 500 rose 2.1%, and the Dow Jones Industrial Average rose 1.2%, or about 450 points. Both ended at record highs, but According to Reuters.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
