Nvidia shares surge past $700 as demand for AI chips shows no signs of slowing

News Snapshot:

Chip designer Nvidia shares surged in after-hours trading on Wednesday after the company forecast revenue above estimates, banking on towering demand for its industry-leading artificial-intelligence chips. Nvidia’s fourth-quarter revenue beat estimates by a 7% margin. But for the first three quarters of 2023, Nvidia had reported quarterly revenue that beat analysts’ estimates by between 10% and 20%. The company forecast current-quarter revenue of $24 billion, plus or minus 2%. Analysts on average were expecting revenue of $22.17 billion, according to LSEG data. Shares of the Santa Clara, California-based company jumped more than 9% to $741 in volatile after-hours trading. Nvidia...