Semiconductor giant Nvidia’s stock is skyrocketing thanks to the surge in demand for AI chips, with the company’s shares up 166% since the beginning of 2023 and a record $11 billion in revenue for the first quarter.
Semiconductor giant Nvidia is getting a big boost from the present wave of artificial intelligence (AI) hype. In doing so, company stock is skyrocketing.
Artificial intelligence-related stocks have been increased by an notice from Nvidia that it was increasing production of its Artificial Intelligence (AI) chips to meet surging demand.
Nvidia Flying High on AI
Since the emergence of ChatGPT, tech corporations have been riding the wave of hype to get in on the latest big thing in technology.
On May 24, Nvidia released its earnings report. This increased its stock market price by about $200 Billion to over $960 billion. The company informed a record $11 Billion in revenue for the 1st quarter.
Nvidia shares (NVDA) surged around 30 percent in after-hours trading to reach an record-breaking peak of $394. Furthermore, Nvidia shares are up a whopping 166 percent since the beginning of 2023.