NVIDIA’s AI business soars to new heights with record revenue

NVIDIA’s AI business soars to new heights with record revenue

NVIDIA, the leading maker of graphics cards and chips for gaming and artificial intelligence, reported its best-ever quarterly revenue on Wednesday, driven by strong demand for its AI products and services. The company said its revenue for the fourth quarter of 2024 was $9.8 billion, up 48% from a year ago and beating analysts’ expectations. Its net income was $3.1 billion, up 62% from a year ago.

A Nvidia Grace CPU Superchip, bottom, and Grace-Grace module arranged at the company's headquarters in Santa Clara, California, US, on Monday, June 5, 2023.

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The company’s AI segment, which includes its data center, cloud, and edge computing businesses, was the main growth engine, accounting for $4.2 billion of the revenue, up 79% from a year ago. NVIDIA said its AI products and services were used by a wide range of customers, from researchers and developers to enterprises and governments, for various applications such as natural language processing, computer vision, robotics, and self-driving cars.

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NVIDIA’s CEO and founder, Jensen Huang, said in a statement that the company was at the forefront of the AI revolution, which he called “the most powerful technology force of our time”. He also said that the company’s latest innovation, generative AI, which can create realistic images, videos, and sounds from scratch, had reached a tipping point and was poised to transform multiple industries.
<“Generative AI is a new form of creativity that will impact every aspect of our lives,” Huang said. “From art and entertainment to science and engineering, generative AI will enable us to create things that were previously impossible.”

NVIDIA’s gaming segment, which includes its popular GeForce graphics cards and platforms, also performed well, generating $3.1 billion of the revenue, up 37% from a year ago. The company said its gaming products were in high demand among gamers, streamers, and creators, especially during the holiday season and the pandemic-induced lockdowns.

NVIDIA’s stock rose 5% in after-hours trading following the earnings release. The company’s shares have surged more than 300% in the past year, making it one of the most valuable tech companies in the world, with a market capitalization of over $800 billion, surpassing Google.

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Source : CNN Business

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