Shares of Nvidia Corp rose on Monday, but closed the record high after the chip maker’s annual conference kicked off with a revenue outlook and pink product announcements.
NVDA from Nvidia,
shares rose to an intraday high of $ 614.10, but ended up closing 5.6% higher at the session at $ 608.36, below the all-time high of $ 613.21 set on May 16. February.
Nvidia shares won after chief executive Jensen Huang announced Monday morning at GTC’s annual developer conference that the chip maker would launch its first data center processing unit, or CPU, as opposed to the its basic product-based graphics processing unit or GPU. on Arm Holdings PLC technology, which increases its competition against its rivals Intel Corp. INTC,
and Advanced Micro Devices Inc. AMD,
Don’t miss it: Nvidia intensifies competition with Intel and AMD with Arm’s first data center CPU
Earnings accelerated later in the day, after the company revealed that first-quarter tax revenue exceeded its projected $ 5.3 billion. At the end of February, Nvidia had projected revenues of between $ 5,190 billion and $ 5.41 billion. Analysts surveyed by FactSet expect $ 5.32 billion. Nvidia chief financial officer Colette Kress said revenue “remained above the $ 5.30 billion outlook provided during our fiscal year-end earnings call,” but did not provide a new target. specific.
“Inside the Data Center we have a good visibility and we look forward to another strong year. Industries are increasingly using AI to improve their products and services, “Kress said in a statement.” We hope this will lead to greater consumption of our platform through cloud service providers, which will result in more purchases as we progress the year. “
Nvidia also said it expects first-quarter revenue of $ 150 million for its cryptocurrency mining chips, above the $ 50 million previously projected.
Most of the chip sector was trading lower on Monday, as the PHLX Semiconductor Index SOX,
fell 1.1% as S&P 500 SPX index,
decreased less than 0.1%. In the last twelve months, Nvidia shares have risen 131%, while the SOX index has risen 103% and the S&P 500 has risen 48%.