‘The race is on’ for AI: Nvidia CEO bullish as Q2 revenue tops estimates

Shares of computer chip manufacturer Nvidia soared nearly 10% in after-hours trading as surging demand for AI chips saw the firm post Q2 earnings that significantly beat Wall Street estimates.

In its Q2 earnings

Looking forward, the company predicted that its revenue would increase an additional 18% to $16 billion by Q3 this year.

In the last 10 months, Nvidia’s share price has ballooned by more than 300%, causing its market capitalization to top $1.16 trillion at the time of publication, according to data from Google Finance.

The rapid growth has seen Nvidia join an exclusive club of just six companies — Apple, Microsoft, Saudi Aramco, Alphabet (Google) and Amazon — to top a trillion-dollar valuation.

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