Nvidia is on the verge of joining the billionaire club thanks to artificial intelligence

May 25 (Reuters) – Shares of Nvidia Corp continued their gains on Thursday, rising 25% after clear second-quarter revenue forecasts showed Wall Street had not yet factored in the potential of artificial intelligence in the growth of a company whose cost and has already doubled to 2023

Nvidia shares hit an all-time high in OTC trading, with the chipmaker’s market capitalization rising by about $189 billion to $945 billion. The tech giant is on the verge of being worth over $1 trillion and could become the first chip maker in the elite group of America’s most valuable corporations.

Analysts rushed to raise price targets for the company’s stock, and 21 of them reversed their view that all AI avenues lead to Nvidia, as it supplies the chips used to run ChatGPT and many similar services.

“In over 15 years of doing this work, we’ve never seen a forecast like the one Nvidia just released, which was cosmic in every way and far beyond our expectations,” said Bernstein’s Stacey Rasgon.

Nvidia, the fifth-largest US company, forecast second-quarter revenue more than 50% above Wall Street estimates on Wednesday and said it was increasing shipments to meet growing demand for artificial intelligence chips.

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(Aditya Soni in Bangalore)