Shares to drop after overseas markets reacted negatively to a shock UK inflation report and US Treasury secretary warned the country would run out of cash by June 1; Fonterra reports boost to profits; $A lowest since November. Follow here for more.
Nvidia, the world’s most valuable chipmaker, jumped in late trading after booming demand for artificial intelligence processors buoyed its sales forecast well beyond Wall Street expectations.
Sales in the three months ending in July will be about $US11 billion , Nvidia said in a statement Wednesday. That shattered an average analyst estimate of $7.18 billion, pushing up the shares as much as 21 per cent – on pace for a record high. The outlook suggests that Nvidia is benefiting even more from the AI frenzy than thought possible. Under chief executive and co-founder Jensen Huang, the company has positioned itself as the top provider of components for training artificial intelligence software. That’s helped it weather a broader slowdown in technology spending.
“A trillion dollars of installed global data centre infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process,” Huang said in the statement. The company is “significantly increasing our supply to meet surging demand” for its data centre products, he said.
Revenue in the first quarter beat estimates by the widest margin in five years. The company’s forecast for sales this period is 53 per cent higher than analysts projected, and would be a record quarterly total.
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