International Business News: Nvidia Corp’s blowout earnings report lifted shares and assured the market that artificial intelligence mania is still going strong. It might also make the stock look cheaper. Nvidia has seen its valuation slide since the middle of 2023, even amid a record-breaking rally for the shares, because of its massive earnings growth.
Nvidia shares rally 12.9 per cent after the chipmaker forecast a roughly three-fold surge in first quarter revenue on strong demand for its artificial intelligence (AI) chips
At a record high of $734.96, Nvidia was worth $1.82 trillion in market value, compared to $1.81 trillion for retail giant Amazon.com and a few billions away from Google-owner Alphabet's $1.87 trillion, according to LSEG data.
The Global X Robotics & Artificial Intelligence ETF received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data.
The company's sales forecast on Wednesday blew past Wall Street's expectations and it said it would buy back another $25 billion of its shares, a move most companies make when their leadership thinks the company is undervalued. Nvidia's stock price, though, has more than tripled this year and was set to hit an all-time high after Wednesday's results.
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International Business News: Shares of Nvidia, the AI bellwether, surged to a record high after the company announced better-than-expected quarterly revenue and a $25 billion buyb