Nvidia is a company you should know if you game on the PC. Their graphics cards are one of, if not the best in the world. Their graphics cards are so good that cryptocurrency miners used them to mine bitcoin and other crypto coins. Currently, the company is worth an estimated $1.22 trillion dollars.
Nvidia had a strong quarter revenue forecast on Wednesday, sparking gains in the AI field. Stocks related to this have jumped. The company’s stock jumped almost 10% to a share price of $492.64. This added to the company’s value by $110 billion dollars.
This jump came after the California Company gave a fiscal third-quarter revenue outlook above expectations. Demand for its high-end chips that power almost all of the world’s major artificial intelligence technology paved the way for this boost.
The chip maker is doing very well for itself. This past year, the company had tripled in shares sparked by the optimism about the potential of AI. “Without Nvidia ( NVDA ), the sustained tech market rally we’re seeing might not exist,” said Insider Intelligence senior analyst Jacob Bourne. “The pressing question is whether Nvidia ( NVDA ) can consistently exceed the now-higher expectations.”
Nvidia’s strong forecast added to investor optimisim. AI-related stocks saw a rise in market value, increasing by $70 billion. Nvidia’s increased value, as their shares climbed following the report.
Their price is high right now, but buying a share or two and waiting for another jump might be worth it.