Nvidia said its latest quarterly results far exceeded market expectations, driving its stock to a near-record close and reaffirming its position as the world’s most valuable company. The rally came after investors had worried for months that artificial intelligence demand might be peaking.
The chipmaker reported fiscal second-quarter revenue of $96.2 billion, up 106% from a year earlier and more than $4 billion above Wall Street’s estimate. Net income more than doubled to $54 billion, while earnings per share came in at $2.22, ahead of forecasts. The company also said it expects third-quarter revenue of $108 billion, topping analysts’ expectations.
Shares rose 8.7% to $227.98 on Wednesday, leaving them just below the record closing high of $236. Nvidia’s market value increased by about $450 billion in a single day to $5.52 trillion, widening its lead over Apple and Alphabet.
The surge also boosted Chief Executive Jensen Huang’s wealth by $15.6 billion, according to the article, pushing his net worth to $196.8 billion. That moved him ahead of Meta CEO Mark Zuckerberg and Oracle founder Larry Ellison in the global billionaire rankings.
