Nvidia (NASDAQ:NVDA) unveiled its fiscal fourth-quarter earnings, outperforming expectations with guidance and results bolstered by a significant increase in demand for its chips, driven by advances in artificial intelligence. This surge helped mitigate the effects of the U.S. restrictions on chip exports to China. Following the announcement, the company’s shares jumped more than 14% intra-day on Thursday.

Jensen Huang, the CEO, commented on the heightened interest in AI, which has significantly contributed to the company’s increased valuation over the last year, stating that this emerging technology has reached a crucial juncture.

In the quarter ending December 31, Nvidia reported earnings of $5.16 per share alongside revenues of $22.1 billion, exceeding the projections by Wall Street analysts, which had forecasted an EPS of $4.64 and revenues of $20.55 billion.

Looking ahead to the current quarter, Nvidia expects revenues to reach around $24 billion, with a margin of error of 2%, surpassing the analysts’ expectations of $22.01 billion. The company also forecasts adjusted gross margins to lie between 76.3% and 77.0%, with a possible variation of 50 basis points.

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