Semiconductor giant Nvidia is getting a big boost from the current wave of artificial intelligence (AI) hype. As a result, company stock is skyrocketing.
Artificial intelligence-related stocks have been boosted by an announcement from Nvidia that it was increasing production of its AI chips to meet surging demand.
Nvidia Flying High on AI
Since the emergence of ChatGPT, tech firms have been riding the wave of hype to get in on the latest big thing in technology.
On May 24, Nvidia released its earnings report. This increased its stock market value by about $200 billion to over $960 billion. The firm reported a record $11 billion in revenue for the first quarter.
Nvidia shares (NVDA) surged around 30% in after-hours trading to reach an all-time high of $394. Moreover, Nvidia shares are up a whopping 166% since the beginning of 2023.
Furthermore, the big stock move extended the company’s lead as the…
