Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter that was well above expectations. The company’s CEO credited a dramatic shift toward AI adoption for the robust results.
The big news was the outlook. For the current quarter, Nvidia provided a revenue forecast range with a midpoint of $16 billion, above the analyst consensus of $12.6 billion. Nvidia dominates the market for chips used for AI projects, and it has been the primary beneficiary of the generative AI trend. OpenAI unleashed a wave of excitement about the technology after releasing its ChatGPT chatbot late last year.
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