Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand

Nvidia reported first-quarter earnings for its fiscal 2024 with a stronger-than-expected forecast that drove shares up 26% in extended trading.

The company beat consensus estimates on both earnings and revenue for the quarter ended in April, and guided for roughly $11 billion in sales for the current quarter - more than 50% above what Wall Street had been expecting.

The surge reflects Nvidia's leading position in the market for artificial intelligence chips. Demand for its data center GPUs from cloud vendors and large consumer internet companies, which use them to train and deploy generative AI applications, drove data center sales well above expectations.

For the full story, read the original article on CNBC.