Crypto, tech stocks climb on Nvidia’s blowout Q3 earnings
Nvidia has posted a record quarterly revenue, which has helped dampen fears of an AI bubble and lift crypto and tech stocks.
Tech and crypto stocks rose in after-hours trading on Wednesday after chip maker Nvidia’s third-quarter earnings beat expectations on the top and bottom line, allaying fears of an AI bubble.
Nvidia reported record revenue of $57 billion for its third quarter ended Oct. 26, up 62% from a year ago and beating Wall Street projections of $54.7 billion.
The company reported a profit of $31.9 billion, a 65% increase from last year and surpassing analyst expectations. It also gave a higher-than-expected guidance of $65 billion in revenue for its fourth quarter, suggesting the appetite for artificial intelligence isn’t yet slowing down.