Jensen Huang speaks on stage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City.

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Nvidia briefly surpassed a market capitalization of $2 trillion in intraday trading on Friday as its shares continued to rally following the company’s rosy earnings report on Wednesday.

Shares of Nvidia rose more than 2% on Friday morning after closing up 16% on Thursday.

Nvidia reported $22.10 billion in revenue for its fiscal fourth quarter, up 265% from a year earlier and above the $20.62 billion expected by analysts polled by LSEG, formerly Refinitiv. Nvidia reported $12.29 billion in net revenue in the quarter, up a staggering 769% from $1.41 billion last year.

The company has benefited from the voracious demand for AI opportunities in the tech sector over the past year. Nvidia makes the expensive GPUs for the servers that power large AI models.

Nvidia said it expects $24.0 billion in sales in the current quarter, beating analysts’ expectations of $22.17 billion.

“Essentially, conditions are excellent for continued growth,” Nvidia CEO Jensen Huang said on the company’s quarterly call with investors on Wednesday.

— CNBC’s Kiff Lesswing contributed to this report