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NVIDIA shatters expectations again, pushing AI rally further

Just now Sarah Jenkins, Reuters 4 min read

The semiconductor giant reported a massive year-over-year revenue increase in its data center division, signaling that the artificial intelligence boom shows no signs of slowing down.

In its highly anticipated quarterly report, NVIDIA (NVDA) crushed Wall Street estimates across the board. Revenue for the quarter surged to unprecedented levels, driven almost entirely by the insatiable demand for its H100 chips used in generative AI applications and large language models.

"Accelerated computing and generative AI have hit the tipping point," said NVIDIA's CEO in the press release. "Demand is surging worldwide across companies, industries, and nations."

Market Reaction

Following the report, shares of NVIDIA jumped more than 4% in after-hours trading. The positive sentiment immediately bled into other technology and AI-related stocks. AMD (AMD), Palantir (PLTR), and CrowdStrike (CRWD) all saw sympathetic bumps.

Related Assets

NVDA +4.56% AMD +5.12%

Analysts had been warning of a potential pullback if the company failed to clear the whisper numbers, which were already substantially higher than the official consensus. Instead, the blowout guidance for the upcoming quarter has forced major firms to rapidly adjust their price targets upward.

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