Nvidia stock rallied late Wednesday after CEO Jensen Huang said the chip giant was seeing "insane" demand for its Blackwell AI processors.
"Everybody wants to be the first to get their hands on it," Huang told CNBC.
Nvidia is expected to start selling Blackwell products in the fourth quarter. The new processors deliver 2.5 times the performance of its Nvidia's Hopper chips which debuted two years ago.
Huang unveiled Blackwell in March, calling the new product "a processor for the generative AI era."
Nvidia stock climbed more than 1% to 120.38 in late trades. The shares rose 1.6% to close at 118.85.
In a related development, OpenAI announced that it has raised $6.6 billion in new funding at a $157 billion valuation. Among the investors was Nvidia, CNBC reported. An Nvidia spokesperson declined to comment.
