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Here's Why Nvidia Stock Surged Today

TheMotleyFool

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Here's Why Nvidia Stock Surged Today: https://g.foolcdn.com/editorial/images/722117/artificial-intellegence-ai-gettyimages-1364859722.jpg

Shares of Nvidia (NASDAQ: NVDA) leaped 14% on Thursday as the prospect of an artificial intelligence-driven boom in chip demand tantalized investors.

Nvidia's revenue declined by 21% year over year to $6.05 billion in its fiscal 2023 fourth quarter, which ended on Jan. 29. A sharp decline in gaming-related sales, which have slowed in recent quarters after experiencing torrid growth earlier in the pandemic, weighed on the semiconductor titan's results.

But it was the solid growth in Nvidia's data center business -- which houses its AI offerings -- that stole investors' attention. Sales in this increasingly important segment jumped 11% to $3.62 billion.

Source Fool.com

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