SAN FRANCISCO/OAKLAND: Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday (Aug 23) as an artificial-intelligence boom f...
Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom fuelled demand for its chips and said it would buy back US$25 billion in stock, sending its shares soaring after hours.
“Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Jensen Huang, Nvidia’s chief executive, said in a statement. From AI startups to major cloud services providers like Microsoft, all are looking to get their hands on more Nvidia chips. Demand from China is also in overdrive, as companies there are placing rush orders to stockpile chips before any further US export curbs come into action.
Revenue at the company’s data centre business rose 141% to US$10.32 billion in the quarter ended July 30, beating analyst estimates of US$7.69 billion by more than US$2 billion, according to Refinitiv data.
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