Daily Management Review

Nvidia shares hit record high after successful quarterly report


Following the release of the company's quarterly report, the share price of Nvidia increased to a record high. Shares of the chip manufacturer grew by more than 200% so far this year.

NVIDIA Corporation 
NVIDIA Corporation 
Following the release of the company's quarterly report, the value of Nvidia shares during trading on August 24 rose to an all-time high, Reuters and Bloomberg write.

Nvidia revealed its financial statistics for the second fiscal quarter that concluded on July 31 in the evening of August 23. It states that the business generated $13.51 billion in revenue, which is twice as much as it did in the first quarter.

Nvidia anticipates that amount to increase to $16 billion in the third quarter, above experts' expectations. Nvidia also disclosed plans to repurchase $25 billion worth of its stock.

According to Reuters, Nvidia's sales gain was powered by demand for its AI-focused chips. Forecasts highlight the company's position as a significant AI boom benefactor, Bloomberg notes. The business has been able to recover from a global decline in chip production because to data center operators buying Nvidia chips in response to the surging demand for chatbots and other AI-enabled technologies, the agency reports. The CEO of Nvidia stated "a new computing era has begun."

source: bloomberg.com, reuters.com