Nvidia Stock Earnings: NVDA market cap rises nearly $190 billion as AI chips boost revenue guidance
Nvidia $NVIDIA(NVDA.US$ stock soared 25% afterhours on Wednesday after the top maker of GPU chips used in artificial intelligence-based large language models (LLMs) like ChatGPT raised its guidance for revenue in the second quarter by nearly $4 billion or 55%. NVDA stock rose from a price of $105.38 to close the post-market session at a new all-time high of $381.08. This boosted its market cap form $755 billion to $944 billion.
The graphics card maker reported fiscal first-quarter revenue of $7.2 billion, whereas Wall Street had expected the past year's semiconductor pullback to lead to just $6.5 billion in sales. The revenue beat was nearly 11% better than expectations but still down from the $8.3 billion mark seen in the same quarter one year ago.
The NASDAQ lost 0.6% in Wednesday's regular session as markets worried about the lack of movement on debt ceiling debates, while the S&P 500 and Dow lost more than 0.7%. Much-watched Snowflake also reported moribund results that sent its stock down more than 12%. Nvidia's enthusiastic results can completely rewrite the market narrative for the rest of the week. Competitors like Advanced Micro Devices $Advanced Micro Devices(AMD.US$ also saw their post-market share prices skyrocket.
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