Nvidia Earnings Spreads Relief Across Tech Stocks

Nvidia, the world’s most valuable company, gave a strong revenue forecast for the current period, helping counter concern that a global surge in AI spending is poised to fizzle. “Compute demand keeps accelerating,” Chief Executive Officer Jensen Huang said in the statement. “AI is going everywhere, doing everything, all at once.” Nvidia shares gained about 4% in late trading after the report was released. They had been up 39% this year through the close. Huang has repeatedly downplayed concerns about an AI bubble, saying last month that the company has more than $500 billion of revenue coming over the next few quarters. Owners of large data centers will continue to spend on new gear because AI has begun to pay off, he said. Sales will be about $65 billion in the fiscal fourth quarter, which runs through January, the chipmaker said in a statement Wednesday. Bloomberg Big Tech Team Lead Sarah Frier reports on the company's forecast. (Source: Bloomberg)