US chipmaker Nvidia shares hit record high after strong results

US chipmaker Nvidia shares hit record high after strong results

Companies worldwide transitioning to accelerated computing, generative AI, according to CEO

By Ovunc Kutlu

ISTANBUL (AA) - Nvidia saw its shares hit to a record high level after the US-based global chipmaker posted strong financial results.

Stock price of the firm climbed to as high as $502.66 per share on early Friday's trading on the Nasdaq -- approximately 6.7% gain after closing the previous session at $471.16 a share.

Shares later gave up some gains to trade at $479.99 at 12.07 p.m. EDT, which gave the firm a market value just shy of $1.2 trillion.

Nvidia's market capitalization surpassed $1 trillion for first time on May 30 as the company's chips are key for tech firm that are developing artificial intelligence (AI).

The Santa Clara-based company posted a record revenue of $13.5 billion in the second quarter of this year, which was up 88% from the first quarter, and an increase of 101% year-on-year, according to its financial results statement released late Wednesday.

"A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI," Founder and CEO Jensen Huang said in the statement.

The company, in addition, posted a net income of almost $6.2 billion in the second quarter -- up 203% from the first quarter and 843% year-on-year.

Nvidia said it expects revenue rising around to $16 billion in the third quarter of this year.

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