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Nvidia delivers on AI hype, igniting 140 billion stock rally

The Japan Times

Nvidia, the chipmaker at the center of an artificial intelligence boom, gained in late trading on Wednesday after a bullish sales forecast showed that AI computing spending remains strong. The company said its second-quarter revenue will be about 28 billion, topping the 26.8 billion predicted by analysts. Results in the fiscal first quarter, which ended April 28, also beat projections -- lifted by growth in its data center division. The big question heading into the earnings report was whether Nvidia's latest numbers could justify the dizzying run-up in its stock. The shares had gained 92% this year through Wednesday's close, fueled by investor hopes that the company would continue to shatter expectations.