Nvidia forecast tops Wall Street expectations

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1 年前

STORY: Chip designer Nvidia forecast third-quarter revenue above Wall Street targets on Wednesday...

setting the company up to be the major beneficiary of the AI boom.

Its chips power nearly all the world's major artificial intelligence apps.

On Wednesday the company said it will buy back $25 billion more of its shares, as its sales benefit from soaring demand.

Shares of the California-based company hit an all-time high after the bell.

Nvidia shares have tripled this year, making the company the first-ever trillion-dollar chip business.

Analysts have estimated that demand for Nvidia's prized AI chips is exceeding supply by at least 50%.

They say that imbalance will stay in place for the next several quarters.

The company forecast third-quarter revenue of about $16 billion.

Analysts polled by Refinitiv on average were expecting closer to $13 billion.