Nvidia briefly surpassed $2 trillion in market cap throughout intraday buying and selling Friday following the corporate’s rosy earnings report Wednesday — but it surely was short-lived.

After rising earlier within the day, shares of Nvidia closed up lower than 1% Friday at $788.17 per share. Nvidia inventory closed up 16% Thursday.

Nvidia posted $22.10 billion in income for its fiscal fourth quarter, a 265% enhance from a 12 months in the past and above the $20.62 billion anticipated by analysts polled by LSEG, previously often called Refinitiv. Nvidia reported $12.29 billion in internet earnings in the course of the quarter, up a staggering 769% from $1.41 billion final 12 months.

The corporate has benefited from the tech sector’s insatiable demand for synthetic intelligence capabilities over the previous 12 months. Nvidia makes the expensive graphics processors for the servers that energy massive AI fashions.

Nvidia stated it expects $24.0 billion in gross sales within the present quarter, surpassing the $22.17 billion anticipated by analysts.

“Basically, the circumstances are wonderful for continued development,” Nvidia CEO Jensen Huang stated in the course of the firm’s quarterly name with traders Wednesday.

— CNBC’s Kif Leswing contributed to this report.

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