Nvidia Posts Blowout Quarter, But Market Rout Quashes Rally
- CEO heralds ‘new computing era’ after chipmaker’s sales surge
- Shares pare early gains as part of broader pullback Thursday
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Nvidia Corp., the chipmaker at the forefront of an industrywide artificial intelligence race, delivered a third-straight revenue forecast that surpassed Wall Street’s estimates. But a broader market rout, spurred by interest rate fears, quashed a rally by the stock.
Nvidia said late Wednesday that sales will be about $16 billion in the three months ending in October. 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.