(qlmbusinessnews.com Fri, 23rd Feb, 2024) London, UK —
“Nvidia CEO Declares AI's ‘Tipping Point' Amid Record Sales Surge”
The CEO of Nvidia, the world's leading chip maker, emphasised the pivotal role of artificial intelligence (AI) as the company announced unprecedented sales figures.
Nvidia reported a staggering 265% surge in revenues to $22 billion (£17.4 billion) for the three months ending 28th January, marking a significant leap from the previous year. The annual turnover also more than doubled to $60.9 billion.
Jensen Huang, Nvidia's chief executive, expressed, “Accelerated computing and generative AI have reached a tipping point.” He underscored the global surge in demand across various sectors and regions.
Nvidia anticipates a remarkable 233% increase in quarterly revenues for the current quarter, surpassing analysts' expectations. Bob O'Donnell from Technalysis Research praised the exceptional performance, stating, “There was a lot riding on this last quarter, and they absolutely knocked it out of the park.”
Highlighting the mainstream adoption of AI, O'Donnell noted its integration beyond specialized tech firms into everyday applications.
In addition to AI chips, Nvidia's data centre sales have experienced rapid growth, significantly contributing to its recent revenues.
Despite the remarkable financial results, Nvidia faces challenges, including supply chain constraints and tightened US-China trade restrictions.
Ipek Ozkardeskaya, a senior analyst at Swissquote, acknowledged Nvidia's extraordinary performance but cautioned about potential challenges ahead, including competition, regulatory issues, and capacity constraints amidst soaring demand.
The significance of AI has surged since the launch of ChatGPT in 2022, developed by Microsoft-backed OpenAI, indicating a transformative shift in online information retrieval methods.
Nvidia's stellar performance has propelled its stock market value by 225% over the past year, solidifying its position as one of the most valuable US companies. In extended New York trading, Nvidia's share price surged by over 9%.
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