Nvidia Shares Surge 20% as 2Q Outlook Blows Past Estimates

By Denny Jacob

Nvidia shares surged 20% to $366.56 in aftermarket trading Wednesday after its outlook for the second quarter blew past expectations.

The stock, which closed down 0.5% at $305.38, is trading above its all-time closing high of $333.76, which took place on Nov. 29, 2021.

The chip giant forecast second-quarter revenue around $11 billion, plus or minus 2%. Analysts polled by FactSet expected $7.17 billion.

Chief Executive Jensen Huang said accelerated computing and generative artificial intelligence is propelling two simultaneous transitions in the computer industry. "We are significantly increasing our supply to meet surging demand for them," he said, referring to Nvidia's data center products.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

05-24-23 1720ET