Africa-Press – Eritrea. Nvidia saw its shares soar almost 12% on Thursday after the US-based chipmaker posted record quarterly revenues due to rising demand for artificial intelligence (AI).
The California-based company’s stock price was trading at an all-time high of $1,061.57 at 1.34 p.m. EDT — a daily gain of 11.8%, after closing the previous day at 949.50.
The rally came after Nvidia posted record revenue of $26 billion in the first quarter that ended April 28 — up 262% from almost $7.2 billion in the same period last year, according to a financial results statement released late Wednesday.
The company also said it saw record quarterly data center revenue of $22.6 billion, which soared 427% from the same period in 2023.
Net income, meanwhile, soared a massive 628% to almost $14.9 billion in the first quarter from approximately $2 billion in the same period last year.
The record financial results came as demand for AI is booming globally and Nvidia is increasing collaborations with major tech companies.
Nvidia announced Tuesday new AI performance optimizations and integrations for Microsoft’s Windows operating system that help deliver maximum performance.
Nvidia’s market value topped $2 trillion on Feb. 23, surpassing Amazon and Alphabet, Google’s parent company, to become the third-most valuable publicly traded company in the US.
Its market value stood at $2.61 trillion on Thursday at 1.34 p.m. EDT, behind Apple at $2.89 trillion and Microsoft with $3.19 trillion.
For More News And Analysis About Eritrea Follow Africa-Press
