Why are Nvidia's shares soaring?

Why are Nvidia's shares soaring?


4 months ago

The gaming and AI chip company, whose shares rose 3.8% in trading before the bell on Tuesday, was valued at $1.03 trillion.Nvidia's $1 trillion valuation makes it the fifth most valuable US company behind Apple,

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According to a report by MarketWatch, Nvidia's shares are soaring due to increased demand for their products from the gaming and data center markets. The firm’s revenue for the second quarter of 2020 came in at a record $3.87 billion, up 40 percent from the same period last year. This was driven by a strong performance in its gaming segment, which saw revenue climb 58 percent from the prior year. The data center segment saw revenue increase by a whopping 82 percent. In addition, the company’s Tegra processor business was up 47 percent year-on-year. Furthermore, Nvidia is also benefiting from growing demand for its products in the booming Artificial Intelligence market.

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