Nvidia share price hit record high on robust Q2 results led by AI boost, $25 billion share buyback plan
share buyback plan and reported upbeat second quarter results led by strong demand for its artificial intelligence (AI)-focused chips. Nvidia’s second quarter revenue of $13.51 billion beat analyst expectations.
The company also predicted its revenue would reach $16 billion in the third quarter. Nvidia’s revenue guidance also crushed analysts expectations by a decent margin.
Read here: AI boost: Nvidia beats expectations with Q2 results and bullish Q3 guidance, announces $25 billion share buyback The booming demand for Nvidia’s artificial-intelligence chips from tech giants building generative AI services has doubled the company’s business in size as compared to the same quarter last year. Nvidia’s data center revenue surged to $10.3 billion in the second quarter as against Wall Street analysts’ estimates of $8 billion.
Nvidia, the first chip maker valued at more than $1 trillion, said it would buy back $25 billion worth of its shares, one of the largest planned buybacks of the past decade. Also Read: Nvidia share price hits all time-high, short sellers lose $826 million More than 20 brokerages raised their target price on Nvidia after the earnings.
Among the most bullish were Elazar Advisors with a target of $1,600 and Rosenblatt Securities with a target of $1,100, according to Refinitiv data, Reuters reported. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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