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Chipmaker Nvidia exceeded earnings expectations as a result of surging computer chip demand for artificial intelligence programs. In a report released this week, Nvidia posted 101% year-over-year sales growth and $13.5 billion in revenue the previous quarter, beating the $11.2 billion in revenue expected by analysts. The report sparked a spike in Nvidia’s stock Wednesday evening, hitting a record high of $502.66. Following this, Nvidia announced a $25 billion stock buyback.
attributed to stockholders taking profits and a general worry that Federal Reserve Chair Jerome Powell’s speech Friday will disrupt the market. Nvidia CEO Jensen Huang released a statement reading, “A new computing era has begun. The industry is simultaneously going through two platform transitions: accelerated computing and generative AI. Data centers are making a platform shift from general purpose to accelerated computing.
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