Nvidia, a technology giant, has reported record revenues due to high demand for its artificial intelligence (AI) chips and data center business. The company’s revenues for the latest quarter increased by 265% to $22 billion from the previous year. Co-founder and CEO Jensen Huang stated that “Accelerated computing and generative AI have reached a tipping point.” As a result, Nvidia’s shares rose by more than 8.5% in extended New York trading. The company also announced that its annual revenues had more than doubled to $60.9 billion.
Mr. Huang mentioned that demand for Nvidia’s products is increasing globally across various industries and countries. The company is forecasting a 233% increase in quarterly revenues for the current quarter, surpassing analysts’ expectations. Bob O’Donnell of Technalysis Research praised Nvidia’s performance, stating that they “knocked it out of the park.” He noted that AI is now being used more widely, not just by specialized technology companies.
Nvidia’s stock market value has risen by 225% in the past year, making it one of the most valuable companies in the US. The company’s success is attributed to the growing demand for AI technology and its strong position in the semiconductor industry.
