Nvidia hailed “a new computing era” and forecast its sales would continue to surge as the chip manufacturer capitalises on the artificial intelligence boom.
Profits and revenue at the American technology giant beat lofty expectations on Wall Street last night, prompting a fresh rally of its shares.
The firm expects to generate sales of about $16 billion during the three months to October, up almost 170 per cent on the year and significantly above analysts’ forecasts of about $12.6 billion.
With Big Tech stocks already up sharply in 2023 amid enthusiasm around the possibilities of AI, Nvidia’s guidance “will be fuel in the engine to ignite a tech rally we see continuing for the rest of the year,” Dan Ives, analyst at Wedbush, said.
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