Last Updated on May 25, 2023 by Bitfinsider
In extended trading yesterday, Nvidia shares surged 27.6%, propelling the company towards a $1 trillion market capitalization.
Following the release of Nvidia’s first-quarter earnings report, which highlighted a 19% quarter-over-quarter increase in revenue, the stock price increased substantially.
Nvidia is a leading manufacturer of cutting-edge processors essential for the training of AI services, a sector that has seen an avalanche of investment due to the buzz surrounding OpenAI’s ChatGPT and other AI-powered tools.
“Two simultaneous transitions–accelerated computing and generative AI,” stated the company’s founder and CEO, Jensen Huang.
In the firm’s most recent quarterly report, he stated, “A trillion dollars of installed global data center infrastructure will transition from general-purpose to accelerated computing as companies race to apply generative AI to every product, service, and business process.”
Huang also disclosed that the company began mass production of its most recent AI processors in August of last year.
This foresight provided them with a safety net when the unexpected rise in popularity of chatbot applications occurred. “In January, the new demand was astronomically high,” said Huang, adding that the company “had to place additional orders and procure significantly more supply for the second half of 2023.”
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