NVIDIA is about to break into the historical $1 Trillion Club. On Thursday its share price exploded, a surge that could help other AI related stocks as well. This includes Nvidia Corp (NASDAQ: NVDA) skyrocketing by a whopping 30% during premarket trading. As of press time, its price has been trading at an average of $378, rising 24%, and up by 168% from the year to date.
This surge hits during a time of global financial crisis, but CEO Huang expects the chipmaker to have a record year. Reports reveal that the firm expected $11 billion in sales for the three months ending in July – a figure that is 50% higher than what Wall Street predicted. Increases in demand for graphics processors such as those manufactured by Nvidia might be the reason for this upsurge.
Nvidia Corp is a multinational chip maker popular for its gaming GPUs, graphics processing units for workstations, cloud gaming, computer game consoles, and autonomous vehicles. In addition, the company developed cloud-based platform services focusing on AI, Deep Learning, and Autonomous Machines. It has its headquarter in Santa Clara, California.
Jensen Huang is the founder, president, and CEO of Nvidia. He began Nvidia with Chris Malachowsky and Curtis Priemer in 1993. Since then, he has been a significant part of the company’s growth and success. He was awarded the Outstanding Innovator Award in 2020 from the American Business Awards. The award recognizes innovation at the highest level and Jensen Huang was recognized for his work in driving expansion in the development of AI, machine learning, and autonomous machines.
