US GPU innovator NVIDIA has surged close to a third higher after releasing its latest quarterly results, underscoring strong momentum in the tech sector tracked on the NASDAQ exchange that focuses on high growth semiconductor and software firms.
The stock advanced 29.34 percent to a new intraday peak of 394.97 dollars per share. After the regular session closed, a post-market update nudged the price to 380.60, still about 24.63 percent above the previous close as investors weighed the latest earnings and outlook against market expectations.
The quarterly report lifted the company’s revenue growth forecast for the second quarter of 2023 (April through June) to 11 billion dollars, marking a 33 percent year-over-year increase versus the same period a year earlier and signaling sustained demand for high-performance GPUs and related technologies across gaming, data centers, and AI workloads.
Earlier this week, market chatter surfaced ahead of the GeForce RTX 4060 Ti 8 GB launch, with tech writers and bloggers publishing cautious takes that urged potential buyers to temper expectations and consider current product cycles before committing to new Nvidia purchases.
NVIDIA CEO Jensen Huang faced scrutiny in the first half of May when discussions highlighted a gap between targets and results that year. Reports noted a compensation package that, while modest in historical terms for a tech chief, drew attention due to its size relative to the typical earnings of an average employee within the industry, providing context for the broader compensation discourse around high-growth tech leadership.