Nvidia's Rosy Forecast Shows Chipmaker Benefiting From AI Boom [BNN Bloomberg (Canada)]
Intel Corporation (INTC)
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Source: BNN Bloomberg
can keep its business thriving by focusing on gear that powers artificial intelligence. Sales in the three months ending in July will be about $11 billion, Nvidia said in a statement Wednesday. That shattered an average analyst estimate of $7.18 billion, sending the shares soaring in late trading. The outlook shows that Nvidia is benefiting from the booming demand for AI services. Under Chief Executive Officer and co-founder Jensen Huang, the company has positioned itself as the top provider of components for training artificial intelligence software. That's helped it weather a broader slowdown in technology spending. Shares of Santa Clara, California-based Nvidia rose 15% in extended trading after closing at $305.38. The stock has outperformed gains by others in the major indices it trades on, making it the world's fifth-largest publicly traded company this year. Nvidia's market value has swelled to $755 billion. By that measure, the chipmaker is more than six times the size
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