Chip designer Nvidia on Wednesday forecast third-quarter revenue above Wall Street targets and said it will buy back US$25 billion more of its shares as sales benefit from soaring demand for its chips that power nearly all the world's major artificial-intelligence apps. Shares of the Santa-Clara, Californi
Chip designer Nvidia on Wednesday forecast third-quarter revenue above Wall Street targets and said it will buy back US$25 billion more of its shares as sales benefit from soaring demand for its chips that power nearly all the world's major artificial-intelligence apps.Nvidia shares have tripled this year, making the company the first ever trillion-dollar chip business as investors bet Nvidia will be the key beneficiary of the AI boom.
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Jensen Huang, Nvidia's chief executive, said in a statement. The company forecast third-quarter revenue of about US$16 billion, plus or minus 2 per cent. Analysts polled by Refinitiv on average were expecting US$12.61 billion.
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