Nvidia is winding down a strong week, notching gains in 11 of the past 12 days through Thursday, as investors celebrated another high-powered chip release and more collaborations heading into earnings next week.
Shares have gained over 20% this month, pushing annual gains to over 230% and adding $28 billion in market cap this week alone. It is also on pace for the best year since 2001, as tracked by Dow Jones Market Data Group.
On Friday, the chipmaker announced a collaboration with Dropbox to enhance the company’s AI technology which is helping streamline workflows.
Earlier this week, the Santa Clara, California-based company unveiled a new H200 GPU, along with the JUPITER, a “new class of supercomputers for AI-driven scientific breakthroughs” the company stated.
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In its last quarter, Nvidia announced a $25 billion stock buyback as its second quarter earnings beat expectations after reporting $13.5 billion in record revenue.
Nvidia also reported a 53% spike in inventory commitments from the previous period as it looks to meet and secure long-term demand for its data center chips.
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Meanwhile, the tech company is forecasting $16 billion, plus or minus 2%, for the third quarter despite analysts polled by Refinitiv predicting $12.6 billion on average. Nvidia is slated to report third quarter earnings on Nov. 21 after the close of trading.
In May, Nvidia’s market capitalization topped the $1 trillion mark joining a small club that also includes Apple and Amazon.
FOX Business’ Eric Revell contributed to this report.
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