Nvidia shares soar nearly 30% as sales forecast jumps and AI booms

FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. REUTERS/Robert Galbraith

(Reuters) -Nvidia Corp on Wednesday forecast second-quarter revenue more than 50% above Wall Street estimates, and said it is boosting supply to meet surging demand for its artificial-intelligence chips, which are used to power ChatGPT and many similar services.

Shares of Nvidia, the world's most valuable listed semiconductor company, rocketed as much as 28% after the bell to trade at $391.50, a record high. The gain increased Nvidia's stock market value by about $200 billion to over $950 billion, extending the Silicon Valley company's lead as the world's most valuable chipmaker and Wall Street's fifth-most-valuable company.