Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand

Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand | 24 May 2023 | Nvidia reported first-quarter earnings for its fiscal 2024 on Wednesday, with a stronger-than-expected forecast that drove shares up 26% in extended trading. Nvidia said it expected sales of about $11 billion, plus or minus 2%, in the current quarter, more than 50% higher than Wall Street estimates of $7.15 billion. Prior to the after-hours move, Nvidia stock was up 109% so far in 2023, mostly driven by optimism stemming from the company's leading position in the market for artificial intelligence chips... Nvidia said that performance was driven by demand for its GPU chips from cloud vendors as well as large consumer internet companies, which use Nvidia chips to train and deploy generative AI applications like OpenAI's ChatGPT.