Nvidia Corp surged 24 per cent on Thursday (May 25) in one of the largest one-day gains in value for a US stock, after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI. The surge more than doubled the stock's value for this year and increased the chip designer's market capitalisation...
The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022.Nvidia Corp surged 24 per cent on Thursday in one of the largest one-day gains in value for a US stock, after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI.
The rosy earnings also sparked a rally in the chip sector and for AI-focused firms, lifting stock markets from Japan to Europe. In the US, Big Tech companies other than Amazon closed between 0.6 per cent and 3.8 per cent higher, while Advanced Micro Devices Inc settled 11 per cent higher. "In the 15+ years we have been doing this job, we have never seen a guide like the one Nvidia just put up with the second-quarter outlook that was by all accounts cosmological, and which annihilated expectations," Stacy Rasgon of Bernstein said.
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