Nvidia (NASDAQ:NVDA) saw its shares surge more than 24% after market hours after providing a promising AI chip forecast.
Nvidia forecasted sales in Q2 will amount to around $11 billion, smashing analysts’ estimates of $7.18 billion.
The promising forecast is a clear portrayal of how much Nvidia is benefiting and expects to benefit from the increasing popularity of AI.
The company has positioned itself as the top dog when it comes to designing and manufacturing AI chips.
The spike in Nvidia’s shares also drove an 8% increase in share prices for AMD after market hours.
Nvidia has become the world’s fifth-largest publicly traded company.
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