Nvidia’s shares rose more than 7% at the opening bell in New York on Thursday, lifting the US chipmaker’s market value by about $360 billion to more than $5.4 trillion, after it reported another set of strong quarterly results.
The jump followed Nvidia’s latest earnings release on Wednesday evening, in which it said revenue and profit had more than doubled in May, June and July, beating expectations on financial markets.
Nvidia also forecast revenue growth of 70% for its next financial year. That was well above the 45% expected by analysts, many of whom have been watching for signs that spending on AI hardware may be starting to peak.
The company makes the leading processors used in data centres to train and run artificial intelligence applications. It has been one of the biggest winners from the AI boom in recent years.
That rapid growth has helped Nvidia become the world’s most valuable company. As a result, its performance is widely seen as a barometer for the broader AI sector.
