Nvidia doubles down on AI future as stock market cap tops $2.5T
The semiconductor giant plans to accelerate its AI chip production cycle following a bumper revenue report driven by AI data centers.
Semiconductor giant Nvidia has no plans to slow its artificial intelligence ambitions following bumper quarterly revenues, netting the firm a record $26 billion for the first quarter.
On May 22, Nvidia released its Q1 earnings report. Revenue jumped 18% from the fourth quarter last year and surged 262% from a year ago, beating analyst estimates of $24.6 billion.
The earnings saw NVDA stock prices surge to an all-time high in after-hours trading on May 22 of just over $1,000, pushing its market capitalization to over $2.5 trillion.
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Author: Martin Young
