Nvidia beats sales expectations during its fiscal first quarter
Nvidia beat sales expectations during its fiscal first quarter but forecast second-quarter revenue below market estimates on Wednesday, May 28, expecting an $8 billion hit to sales from tighter US curbs on exports of its AI chips to key semiconductor market China.
Shares of the world's most valuable semiconductor firm still rose 4% in extended trading. The stock is relatively flat so far this year, compared with 2024 when the shares nearly tripled in value. Nvidia now faces trade restrictions on what it can sell, and the AI data center market is also maturing.
Washington's years-long efforts to thwart Beijing's access to top-of-the-line US technology have resulted in stricter restrictions on the export of Nvidia's AI chips — stifling the company's access to one of the largest markets for semiconductors.
Still, "investors can breathe a sigh of relief that the China revenue impact is now known a bit better, and it’s not as severe," said Brian Colello, equity strategist for Morningstar.
REUTERS / NVIDIA / SAUDI TV
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