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Asian chip stocks surge as Nvidia posts stellar results
Semiconductor-related stocks in Asia are surging this morning on the stock exchanges. That's as US-based Nvidia posted very strong second-quarter results while issuing an optimistic guidance for the current period. Revenue in the second quarter doubled from $6.7B a year earlier and increased 88 percent from the prior period. The company also suggested sales in the current quarter will grow 170% from the year-earlier period - that's amid skyrocketing demand for its computer chips that power artificial intelligence systems. The 30-year-old company is one of the biggest winners in the AI boom and is now valued at over $1tn, with its chips powering nearly all the world's major artificial intelligence apps, including ChatGPT.
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