Nvidia, which entered the period when the artificial intelligence craze started, with the right product at the right time, continues to fill its coffers. Nvidia, the world’s most valuable chip company, published its financial results for the third quarter of fiscal 2024, ending October 29, 2023. According to the announced report, the company’s revenue increased by 206 percent.Artificial intelligence worked for Nvidia
Nvidia’s revenue increased 206 percent in the quarter ending October 29 compared to the previous year. In this period, revenues exceeded expectations and reached 18.12 billion dollars. Net income was $9.24 billion in this quarter. Net income increased by 1,256 percent compared to the same period of the previous year.
The company’s data center revenues, including artificial intelligence chips, increased by 279 percent to $14.51 billion, while revenue in the gaming segment increased by 81 percent to $2.86 billion. Nvidia also announced that it expects to generate $20 billion in revenue for the fourth fiscal quarter, an increase of 231 percent.Nvidia’s face has changed
Nvidia announced the GH200 GPU last quarter, which has more memory than the existing H100 chips and an additional Arm processor. Although the price of the GH200 platform is not clear, each H100 is available for approximately $40,000.
About two years ago, Nvidia’s biggest source of revenue was sales of GPUs for playing video games on PCs. Now, the company generates most of its revenues from its solutions for data centers. Microsoft-backed startup OpenAI’s release of its ChatGPT chatbot in 2022 has many companies looking for ways to add similar generative AI capabilities to their software. As a result, demand for Nvidia’s GPUs has strengthened.
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