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AI boom boosts Nvidia despite 'geopolitical issues'

Nvidia remains exposed to geopolitical tensions between the US and China.

On Wednesday it said demand for its products remains strong, especially from big tech firms including Instagram-owner Meta, and ChatGPT-maker OpenAI, as they race to build-out AI. "The AI race is now on," said Nvidia boss Jensen Huang in a call with analysts following the report's release, saying spending from four big tech firms had doubled to $600bn per year. The Santa Clara, California-based designer of artificial intelligence (AI) chips said revenue in the current quarter would probably grow to $54bn, topping the expectations of Wall Street analysts.

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