Nvidia Corp reported a surge in first-quarter revenue and profit that beat Wall Street estimates, driven by strong demand for its artificial-intelligence chips. The company’s stock jumped 21% to a record-high of $370 in extended trade, increasing its market value to more than $900 billion. Nvidia’s AI chips are used to power ChatGPT and many similar services, and the company is now “significantly increasing” its supply to meet surging demand. Analysts believe Nvidia reallocated some supply-chain capacity away from the slumping PC gaming market to its data center AI chips. The company reported adjusted revenue of $7.19 billion, beating analyst estimates of $6.52 billion. Net income rose to $2.04 billion, or 82 cents per share, from $1.62 billion, or 64 cents per share, a year earlier. Excluding items, the company earned $1.09 per share in the first quarter, beating estimates of 92 cents.
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