Why Are Nvidia (NVDA) Shares Soaring Today

Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 6.2% in the afternoon session after markets rallied, with the Nasdaq up 2.1%, while the S&P rose 1.1%, following strong earnings from big tech companies including Microsoft and Alphabet. Notably, the earnings highlighted the strong demand for AI solutions, including cutting-edge AI chips that power most AI applications. These chips are developed by Nvidia and its peers. For example, during its Q1'2024 earnings call, Meta raised its forecasted operating expenses …