(NEW YORK)–Nvidia Corp. (NASDAQ:NVDA) surged after hours after reporting solid earnings for their AI chips, and bullish outlook for current quarter.
The artificial intelligence boom is fueling explosive growth and a bullish outlook for Nvidia, according to the company’s latest earnings report. Nvidia’s data center revenue, which includes sales of its AI chips used for applications like ChatGPT, skyrocketed 171% year-over-year to $10.32 billion.
Overall revenue doubled to $6.7 billion, underscoring Nvidia’s position at the epicenter of surging demand for AI computing power. “The world has about a trillion dollars worth of data centers that are transitioning into accelerated computing and generative AI,” said Nvidia CEO Jensen Huang.
Nvidia’s A100 and H100 GPUs play an important role in powering AI services like ChatGPT. The specialized hardware architecture of these chips makes them well-suited to running the compute-intensive transformer models that drive conversational AI systems. With their high core counts and fast interconnects, Nvidia’s data center GPUs can efficiently parallelize the calculations needed for tasks like natural language processing.
With generative AI taking off, Nvidia expects data center sales to jump another 60% next quarter. The forecast points to no slowdown in the AI gold rush, as businesses and cloud providers build out infrastructure to run complex AI models.
Nvidia is emerging as a key AI infrastructure play. Its graphics processing units (GPUs) are instrumental in developing and operating AI services that can generate human-like text and images. Investments in GPUs and other AI chips are ramping up rapidly.
The company also announced a new $25 billion share buyback program, underscoring its faith in future growth. For investors seeking AI exposure, Nvidia offers a pure-play option as spending on transformative AI technologies accelerates.
Tom Bustamate, the Founder & CEO of AI Venturetech, Inc. commenetd, “Nvidia’s earnings reflected the surging demand for AI, and the company’s bullish forecasts show that the AI gold rush is just getting started. For investors seeking to capitalize on the transformational rise of artificial intelligence, and generative AI, Nvidia offers a pure-play option as spending on AI infrastructure is expected to go into overdrive.”
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