"Chip giant Nvidia beat Wall Street's expectations for revenue and upcoming sales, easing fears about AI spending that have jolted the stock market in recent days."
"In its quarterly earnings report on Wednesday, the company said revenue for the three months to October jumped 62% to $57bn, driven by demand for its chips used in AI data centres. Sales from that division rose 66% to more than $51bn."
"Fourth-quarter sales forecasts in the range of $65bn also topped estimates, sending shares in Nvidia more than 3% higher in after-hours trading."
Nvidia reported revenue of $57bn for the three months to October, a 62% increase driven by strong demand for chips used in AI data centres. Sales from the data-centre division rose 66% to more than $51bn. The company forecast fourth-quarter sales around $65bn, exceeding analyst estimates. Shares rose more than 3% in after-hours trading following the results. Nvidia is the world's most valuable company and is widely viewed as a bellwether for the AI boom. The earnings and guidance helped ease recent market concerns about AI spending and may shape broader market sentiment.
Read at www.bbc.com
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