Nvidia shares rocketed in after hours trading after the chipmaker forecast current-quarter revenue more than 50 per cent above analyst expectations, saying it has boosted supply to meet surging demand for its AI chips.

Shares jumped by 28 per cent to trade at an all-time high of A$598.44, increasing the company’s value by over A$300 billion, to surpass A$1.4 trillion in market value (US$950 billion).

Nvidia forecast current-quarter revenue of A$16.8 billion, plus or minus 2 per cent, compared to the Wall Street average estimate of A$10.93.

Adjusted revenue for the quarter ended April 30 was A$11 billion, compared with analysts expectations of A$9.96 billion.

The company’s data centre chip sales hit $6.54 billion.

Nvidia Chief Executive Officer Jensen Huang told Reuters it was boosting supply of its artificial-intelligence chips, which it started full production of last August, well before ChatGPT sent demand skyrocketing.

“In January, the new demand was incredibly steep,” Huang said.

“We had to place additional orders, and we procured substantially more supply for the second half” of 2023.

In addition, the company has started selling entire AI supercomputing systems, rather than just chips, to large companies who want to better control their own supply chain.

“No company can build a state-of-the-art AI datacentre without the technology and all the software of a (cloud computing provider), but we have all that capability,” Huang said.

“The enterprise is a very, very different market.”