May 26, 2023 1:00 PM
Nvidia CEO Jensen Huang
Image Credit: Nvidia
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Jensen Huang will be giving a keynote speech at the Computex 2023 event in Taiwan over the weekend, but he’s already riding high from the resurgence in AI demand thanks to the popularity of generative AI such as OpenAI’s ChatGPT.
Huang reported earnings on Wednesday that beat Wall Street’s expectations for revenues as well as expectations for the second half of the year. That in turn fueled a broad tech rally on Wall Street.
The AI and graphics chip company’s stock price rose 27% in the past couple of day from $305 a share to $389.25 today. With a market cap of $963 billion, Nvidia’s valuation is closing in on $1 trillion.
Thanks to strength in chips for the data center, Nvidia reported revenues of $7.19 billion for the first fiscal quarter ended April 30, down 13% from a year ago but above expectations. Data center revenue in the first-fiscal quarter was a record $4.28 billion, up 14% from a year ago and up 18% from the previous quarter.
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I spoke briefly with Huang after the earnings announcement this week and h...