Shares have already tripled this year, making the company the first ever trillion-dollar chip business as investors bet Nvidia will be the key beneficiary of the AI boom.
fueled demand for its chips and said it would buy back $25 billion in stock, sending its shares soaring after hours.
Analysts have estimated that demand for Nvidia’s prized AI chips is exceeding supply by at least 50%, adding that the imbalance will stay in place for the next several quarters. Nvidia’s report lifted the shares of other Big Tech stocks and AI-related companies, with Microsoft jumping 1.9%, Meta Platforms up 2.1% and Palantir Technologies surging 4.6% in extended trading on Wednesday.
Should the US place additional export restrictions on AI chip sales to China, it would have no immediate impact on the company’s results, finance chief Colette Kress told analysts on a conference call. Such controls would “result in a permanent loss of an opportunity for the US industry to compete and lead in one of the world’s largest markets.”
Revenue at the company’s data center business rose 141% to $10.32 billion in the quarter ended July 30, beating analyst estimates of $7.69 billion by more than $2 billion, according to Refinitiv data.“Its Q2 results underscore its dominant position in harnessing the AI momentum,” said Insider Intelligence senior analyst Jacob Bourne. “Yet as global appetite for Nvidia’s chips intensifies, navigating supply chain hurdles to boost production is essential.
Sales of chips destined for personal computers and data centers have been weak in recent months, which has hurt the chip industry. But AI is a bright spot, with cloud computing businesses and startups alike buying up AI-related chips from Nvidia and others such as Broadcom and Marvell Technology.
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