QUARTZ. Nvidia stock hits an all-time high in anticipation of stellar earnings. As the generative AI wave keeps growing, the chip maker is reaping the windfall. 21 NOV
The world’s most valuable chip maker is worth more than ever. A day before Nvidia announced its hotly anticipated Q3 earnings today (Nov. 21), the AI chip specialist’s stock reached an all-time high of $504.09.
The market’s optimism is warranted. As tech firms big and small race to deploy generative artificial intelligence, Nvidia is reaping the windfall. The nearly $800 billion company, whose AI chips are the most advanced, could be the biggest beneficiary of the generative AI wave.
For the third quarter, Nvidia is expecting about $16 billion in revenue, almost triple its haul during the same period in 2022.
Earlier this year, the company was swamped by demand, thanks to a shortage of graphics processing units (GPUs) and networking equipment. In response, it’s been boosting supply to cement its pole position as the world’s top supplier of AI chips.
Quotable: Generative AI is the biggest tech phenomenon
“Generative AI is the single most significant platform transition in computing history….In the last 40 years, nothing has been this big. It’s bigger than PC, it’s bigger than mobile, and it’s gonna be bigger than the internet, by far.”
