Nvidia stock surges as CEO Huang talks up strong demand
Investing.com-- Shares of Nvidia rose sharply on Wednesday, underpinning a broader rally in technology stocks after Chief Executive Jensen Huang said the company was experiencing stellar demand for its artificial intelligence chips.
He said that the firm was experiencing strong demand for its newest generation of AI chips, called Blackwell, and said that companies would have no choice but to embrace"accelerated computing" to keep up with demand for AI.) surged 8.1% to $116.86 on Wednesday, its biggest one-day gain in six weeks. But the stock fell slightly in aftermarket trade.
His comments come after Nvidia was hit with a bruising sell-off last week, after the guidance provided with its July-quarter earnings failed to meet some elevated expectations. Still, the stock is trading up about 150% so far this year.Goldman Sachs reiterated its Conviction Buy rating on Nvidia along with a $135.0 price target in a recent note.
Nvidia makes the most advanced AI chips in the market, but counts on buying from a relatively small pool of technology giants for a bulk of its revenues.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nvidia CEO Jensen Huang loses $10B as company's stock plummetsJensen Huang, the 61-year-old Taiwanese-born executive who cleaned bathrooms, saw his fortune shrink on Tuesday to $94.9 billion, according to Bloomberg.
Read more »
Nvidia CEO Jensen Huang reluctant to fire employees but will 'torture them into greatness'Huang’s employees can work as much as seven days a week, sometimes as late as 2 a.m. but reportedly stick around because of the lavish compensation.
Read more »
Former Google CEO Eric Schmidt suggests investors should buy Nvidia stockFormer Google CEO Eric Schmidt suggests investors should buy Nvidia stock
Read more »
Google, Meta workers envy Nvidia staffers' fat paychecks: 'Bought a 100K car ... all cash'Under CEO Jensen Huang’s leadership, Nvidia’s stock has surged by more than 3,700% in the last five years.
Read more »
Polestar CEO Ingenlath replaced by ex-Opel/Vauxhall CEOThomas Ingenlath resigns, having led the EV firm since its formation seven years ago
Read more »
Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian NiccolStarbucks announced Tuesday it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol. Shares of Starbucks rose 10% in premarket trading on the…
Read more »