:Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom fueled demand for its chips and said it would buy back $25 billion in stock, sending its shares soaring after hours. Nvidia's forecast beat expectations by billions of dollars, demonstrating t
:Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom fueled demand for its chips and said it would buy back $25 billion in stock, sending its shares soaring after hours.
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Jensen Huang, Nvidia's chief executive, said in a statement. From AI startups to major cloud services providers like Microsoft, all are looking to get their hands on more Nvidia chips. Demand from China is also in overdrive, as companies there are placing rush orders to stockpile chips before any further U.S. export curbs come into action.
Revenue at the company’s data center business rose 141 per cent 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.
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