Nvidia stock soars 25% to a new all-time high!

Nvidia stock soars 25% to a new all-time high

NVDA stock earnings driven by A.I. chip demand

NVDA stock earnings driven by A.I. chip demand

By Andrew Lokenauth

Nvidia $NVDA just reported strong first-quarter earnings, beating analyst expectations on both revenue and earnings per share, and its shares jumped 25% to a new all-time high. Nvidia CEO Jensen Huang said the company saw “surging demand” for its products, particularly in the data center and gaming markets. He also said that Nvidia was well-positioned to benefit from artificial intelligence (AI) growth.

Nvidia’s data center business is the primary driver of the company’s growth. The company’s GPUs are used in a wide range of data center applications, including artificial intelligence, machine learning, and high-performance computing.

Nvidia’s strong performance in data centers shows that AI chips are becoming increasingly important for cloud providers and other companies that run large amounts of servers. This trend is likely to continue as more companies adopt AI technologies to improve their operations and gain a competitive advantage.

• Nvidia’s revenue for the quarter was $7.19 billion, up 16% year-over-year

• Earnings per share were $1.09, up 49% year-over-year.

• Nvidia’s data center group, which uses Nvidia chips to train and deploy AI applications like OpenAI’s ChatGPT, reported $4.28 billion in sales, a 14% annual increase

• Nvidia’s gaming business is also growing rapidly. The company’s GPUs are used in high-end gaming PCs and consoles. The growth of the gaming market is being driven by the increasing popularity of esports and other online gaming activities

• Nvidia’s automotive business is still in its early stages, but it has the potential to be a major growth driver in the years to come. The company’s GPUs are used in self-driving cars and other autonomous vehicles. Sales in this area surged 114% year-over-year.

Nvidia’s strong Q1 2024 performance, primarily driven by its leading position in AI chips, underscores the significance of AI and data center products in shaping the future of tech companies.

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