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Why Nvidia Stock Hit New Highs This Week

TheMotleyFool

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Why Nvidia Stock Hit New Highs This Week: https://g.foolcdn.com/editorial/images/745474/artificial-intelligence-ai-on-circuit-board.jpg

Nvidia (NASDAQ: NVDA) blew past already high revenue expectations for the fiscal second quarter ending in July. But just as the stock was breaking out to new highs, the shares pulled back toward the end of the week.

The stock was still up 7.5% week to date in early trading on Friday, according to data provided by S&P Global Market Intelligence.

Nvidia smashed its revenue guidance of $11 billion by reporting $13.5 billion, an increase of 101% over the year-ago quarter. The graphics chip specialist is basically the only game in town supplying the advanced processors, data center networking equipment, and software systems needed to run AI models at scale.

Source Fool.com

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