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Nvidia CEO Jensen Huang speaks on stage during The New York Times DealBook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City.
Slaven Vlasic getty images
NVIDIA The market cap briefly surpassed $2 trillion during intraday trading on Friday following the company’s strong earnings report on Wednesday – but it was short-lived.
After rising early in the day, Nvidia shares closed up less than 1% on Friday at $788.17 per share. Nvidia stock closed up 16% on Thursday.
Nvidia reported revenue of $22.10 billion in its fiscal fourth quarter, up 265% from a year earlier and above the $20.62 billion expected by analysts at LSEG, formerly known as Refinitiv. Is. Nvidia reported net income of $12.29 billion during the quarter, up 769% from $1.41 billion a year earlier.
The company has benefited from the tech sector’s insatiable demand for artificial intelligence capabilities over the past year. Nvidia makes expensive graphics processors for servers that power large AI models.

Nvidia said it expects sales of $24.0 billion in the current quarter, above the $22.17 billion expected by analysts.
“Fundamentally, the conditions for continued growth are excellent,” Nvidia CEO Jensen Huang said during the company’s quarterly call with investors on Wednesday.
— CNBC’s Kiff Lacewing contributed to this report.
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