US chipmaker Nvidia shares hit record high after strong results

By Ovunc Kutlu

ISTANBUL (AA) - Nvidia saw its shares hit to a record high level after the US-based global chipmaker posted strong financial results.

Stock price of the firm climbed to as high as $502.66 per share on early Friday's trading on the Nasdaq -- approximately 6.7% gain after closing the previous session at $471.16 a share.

Shares later gave up some gains to trade at $479.99 at 12.07 p.m. EDT, which gave the firm a market value just shy of $1.2 trillion.

Nvidia's market capitalization surpassed $1 trillion for first time on May 30 as the company's chips are key for tech firm that are developing artificial intelligence (AI).

The Santa Clara-based company posted a record revenue of $13.5 billion in the second quarter of this year, which was up 88% from the first quarter, and an increase of 101% year-on-year, according to its financial results statement released late Wednesday.

"A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI," Founder and CEO Jensen Huang said in the statement.

The company, in addition, posted a net income of almost $6.2 billion in the second quarter -- up 203% from the first quarter and 843% year-on-year.

Nvidia said it expects revenue rising around to $16 billion in the third quarter of this year.