May 23, 2024
05:33
05:33
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Nvidia records 628% net profit year on year
Nvidia continues to dominate the AI landscape, showcasing remarkable growth and innovation that keep investors and industry leaders captivated. the company assures robust returns for cloud providers and prepares to launch groundbreaking next-generation GPUs, the future of AI development looks brighter than ever, solidifying Nvidia's pivotal role in the technology sector. Nvidia reported a record 628% net profit year on year and quarterly revenue of $26.0 billion for the first quarter, marking an 18% increase from the previous quarter and a 262% increase from a year ago. The company's data center revenue reached an unprecedented $22.6 billion, showing a 23% increase from the previous quarter and a staggering 427% increase from the same period last year, driven by strong demand for generative AI training and inference. Startups like CoreWeave rent Nvidia H100 GPUs at $4.25 per hour, providing crucial infrastructure for training large AI models, making advanced Nvidia hardware accessible to many AI developers. Nvidia plans to launch its next-generation graphics processing unit, Blackwell, in the fiscal fourth quarter, with early adopters including Amazon, Google, Meta, Microsoft, and OpenAI, ensuring continued innovation and market leadership.
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