Nvidia Corp’s blowout forecast sparks almost $260 billion AI rally

Nvidia’s forecast for surging revenue surprised even the most bullish analysts on Wall Street, propelling the chipmaker to the cusp of a $1 trillion market capitalization and igniting a global jump in stocks linked to artificial intelligence.

The Santa Clara, company gained as much as 29 per cent in extended US trading, on course for a record high, after saying it expects about $11 billion of sales in the three months ending July. That gain puts Nvidia on track also to rack up the biggest one-day valuation jump in US company history. Nvidia inflamed already lofty expectations for a burgeoning technology.