Nvidia shares hit all-time high as chipmaker dominates AI market
Nvidia shares reach an all-time high due to high expectations for its quarterly results, driven by its dominance in the booming artificial intelligence market.
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Posted 8/22/2023, 5:07:00 PM
theguardian.com
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Nvidia's upcoming earnings report, expected to show a 65% increase in revenue, could have a significant impact on global stock markets and sentiment around the AI industry.
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Nvidia's sales continue to soar as demand for its highest-end AI chip, the H100, remains extremely high among tech companies, contributing to a 171% annual sales growth and a gross margin expansion to 71.2%, leading the company's stock to rise over 200% this year.
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Semiconductor stocks in Asia, including Taiwan Semiconductor Manufacturing Corp and Samsung Electronics, surged following Nvidia's strong quarterly results and optimistic guidance, driven by the demand for AI chips used in data centers and artificial intelligence applications.
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Stocks surged as optimism built ahead of Nvidia's earnings report, despite disappointing economic data and mixed retail earnings, with Foot Locker's share price sliding and Abercrombie & Fitch beating expectations. Nvidia reported strong earnings, with revenue doubling, and investors are particularly interested in the company's comments on meeting the demand for AI chips and the future of the AI space.
Nvidia's stock rose 5% after the company reported better-than-expected earnings, strong guidance for the upcoming quarter, and increased demand for its datacenter products.
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Nvidia's revenue is expected to jump 170% to around $16 billion as demand for its processors in the field of artificial intelligence continues to soar, leaving rival companies such as AMD and Intel falling behind in the AI market.
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Nvidia, the world's most valuable semiconductor company, is experiencing a new computing era driven by accelerated computing and generative AI, leading to significant revenue growth and a potential path to becoming the largest semiconductor business by revenue, surpassing $50 billion in annual revenue this year.
Nvidia reported a strong quarter, with beats across three out of its four businesses, driven by strong demand for its data center segment and generative AI products, leading to record revenues and beating market consensus by 22%. However, there are concerns about the sustainability of this growth and the potential impact of competition in the future.
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