Lokesh Choudhary · · 1 min readNvidia ups revenue forecast for Q2 amid stock surge
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Nvidia has forecast higher-than-expected revenue for the second quarter of 2024, Reuters reported. The US chip giant is eyeing US$28 billion, slightly higher than analyst estimates of US$26.8 billion.
Nvidia’s stock jumped 6.5% in premarket trading today. So far this year, its stock has grown 92% year on year, putting its market cap at US$2.3 trillion.
In addition, the company announced that it will do a ten-for-one stock split, starting June 7. In turn, it will raise its quarterly dividend by 150% on a post-split basis.
Nvidia’s record revenues on the back of generative AI demand has heightened its push in Southeast Asia. CEO Jensen Huang went on a tour of the region late last year, with projects across Singapore, Malaysia, Vietnam, and Indonesia.
The company has also had an investment streak this year, most recently announcing the acquisition of Israel-based AI startup Run:ai for around US$700 million. Nvidia also joined the US$150 million round of no-code platform Kore.ai in January, as well as co-invested US$200 million each for an AI center in Indonesia and an AI factory in Vietnam.
See also: Mapping the key genAI chip and components makers in SEA
Editing by Putra Muskita and Dhania Putri Sarahtika
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