Nvidia Answers Prayers Again

Nvidia, a $2 trillion chip giant worshipped by financial markets and Silicon Valley, has to pass an increasingly difficult test of investors’ faith every quarter. On Wednesday, it gave everyone in the church of artificial intelligence a reason to keep believing.

The company’s revenue nearly quadrupled from the first quarter last year to $26 billion, powered largely by sales of its chip used for training and getting responses from large language models. Free cash flow nearly sextupled to $14.9 billion compared to the same period last year. Its outlook for next quarter showed even more confidence than investors expected. The company’s stock price, which is prone to big swings thanks to options traders, catapulted up 7% after hours, sending it to a new all-time high.