AI leader Nvidia rises as forecast tops Wall Street's lofty goals

FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Nvidia shares climbed 12% before the bell on Thursday as booming demand for its AI chips helped the company forecast quarterly revenue much above Wall Street's lofty expectations, lifting AI and tech stocks globally.

The top chip supplier was set to add more than $230 billion to its market value, taking it closer to $2 trillion for the first time and reclaiming its spot as Wall Street's third most valuable firm.