Nvidia’s stock price surged in premarket trading on Thursday, reversing a more than week-long slump, as the company announced its forecast for the next fiscal year.

The company's revenue grew 106% to $96.2 billion in the second quarter of 2026, beating Wall Street's forecasts of $92.2 billion. For related coverage, explore our detailed analysis on Technology and Digital Systems.

Company's Earnings Forecast and Revenue Growth

Net income rose to $59.7 billion from $26.4 billion last year, and the company projected $108 billion in revenue for the current quarter – again beating analyst expectations of around $104.2 billion.

The company’s billionaire CEO, Jensen Huang, suggested that the 70% projection was conservative and largely due to supply chain constraints.

“Even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%,” he said. “We are going to continue to work with our supply chain to increase on that.”

Nvidia's CEO on Supply Chain Constraints

The chip stock surge boosted the tech-heavy Nasdaq Futures index, which rose 1.10% to 29,622.25 points.

Other top chip companies also saw a boost, with Intel’s stock rising 3.55% to $91.27, Broadcom climbing 1.8% to $362.12, while AMD’s shares rose 1.6% to $488.72 in the premarket.

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Memory chipmaker Micron’s shares rose more than 4% to $976.71 as Nvidia’s earnings call acknowledged a scarcity of memory chips due to high demand from AI chipmakers.

We are going to continue to work with our supply chain to increase on that.”

Nvidia Posts $96 Billion Quarter As AI Boom Powers 106% Growth In A Year (Forbes)

Nvidia’s stock price soared in premarket trading early on Thursday, reversing a more than week-long slump, and triggered an upswing in other chip stocks after the company's forecast of a 70% ​jump in revenue next fiscal year appeared to tamp down on market anxiety about a potential slowdown in demand for AI compute.

In premarket trading early on Thursday, Nvidia’s stock price rose to $224.83 per share, up more than 7.2% from Wednesday’s close.

The post-earnings boost wiped out a slump that began last week amid anxiety over its earnings and criticism of its apparent “circular financing” deal with top AI companies like OpenAI and Anthropic.

Optimism about continued AI-fueled growth boosted other top chip companies as well, with Intel’s stock rising 3.55% to $91.27, Broadcom climbing 1.8% to $362.12, while AMD’s shares rose 1.6% to $488.72 in the premarket.