Nvidia sales surge in the fourth quarter on demand for AI chips

FILE - A sign for a Nvidia building is shown in Santa Clara, Calif., May 31, 2023. (AP Photo/Jeff Chiu, File)

Wall Street once again fixated on an earnings report from Nvidia, the main player in the artificial intelligence mania. The chipmaker reported earnings after the bell Wednesday that topped analyst forecasts, and shares added 2% in after-hours trading, perhaps indicating that Wall Street quietly hoped for even better results.

This is Nvidia's first earnings report since a Chinese upstart, , upended the artificial-intelligence industry by saying it has developed a large language model that can compete with big U.S. rivals without having to use the most expensive chips. Nvidia's market value saw a one-day drop of nearly $600 billion after the news came out.

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