Nvidia Nears Record High as AI Demand Fuels Blowout Forecast
- Firm gave third-straight sales forecast that beat estimates
- Nvidia’s stock has risen more than 200% so far this year
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Nvidia Corp. shares were set to hit a record high in early trading after the chipmaker at the forefront of an industrywide artificial intelligence race delivered a third-straight sales forecast that surpassed Wall Street estimates.
Shares rose 8.7% to $512 before markets in New York opened on Thursday after Nvidia said sales will be about $16 billion in the three months ending in October. If the gain holds, it will mark a record. Analysts had estimated just $12.5 billion, according to data compiled by Bloomberg. Nvidia’s results last quarter also blew past projections, and it approved an additional $25 billion in stock buybacks.