NVIDIA Stock Soars after Strong Earnings Report
Chip designer's stock has climbed 287% since May
Generative AI has fueled the surge
Shares of NVIDIA Corporation (NVDA) have surged to around $1,200 per share, up 287% since the company's strong May 2023 earnings report. The chip designer's financial results were buoyed by growing demand for its products for use in generative AI applications.
Generative AI is a type of artificial intelligence that can create new content from scratch. It has been used to create everything from images and videos to text and music.
NVIDIA's products are used in a variety of generative AI applications, including image and video editing, natural language processing, and machine learning. The company's strong earnings report suggests that demand for its products is expected to continue growing as the generative AI market expands.
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