Why Nvidia Stock Surged to a New All-Time Today
Shares of Nvidia (NASDAQ: NVDA) jumped 8% to a record closing high of $316.75 on Thursday after the chipmaker announced blockbuster sales and profits.
Nvidia's revenue rocketed 50% year over year to $7.1 billion in its fiscal 2022 third quarter. The gains were driven by a 55% surge in data center sales, to $2.9 billion, and a 42% jump in gaming revenue, to $3.22 billion.
CEO Jensen Huang said the company's data center business is benefiting from the growth of the cloud-computing market, as well as "broadening adoption" of its artificial intelligence technology "by more than 25,000 companies." Nvidia's chips are also helping to fuel the growth of the massive global gaming industry.
Source Fool.com
