International Business News: Nvidia Corp’s blowout earnings report lifted shares and assured the market that artificial intelligence mania is still going strong. It might also make the stock look cheaper. Nvidia has seen its valuation slide since the middle of 2023, even amid a record-breaking rally for the shares, because of its massive earnings growth.
Nvidia has been a top beneficiary of technology companies race to build AI into their products and services, with its graphics processors in short supply as Meta Platforms and other Big Tech companies buy billions of dollars worth of its components.
Nvidia shares rose Tuesday after it announced an expansion of its AI partnership with Google Cloud, becoming the best performer so far this year in the S&P 500.
Nvidia s stock added nearly 2% to $468 on Monday, leaving it down almost 1% since last Wednesday, when the Santa Clara, California company far exceeded expectations with its quarterly revenue forecast as an artificial-intelligence boom fueled demand for its chips.