AI boom drove Nvidia profits up 580% last year
CNN
Last year was a breakout year for artificial intelligence and no company benefitted from the trend quite like chipmaker Nvidia.
Last year was a breakout year for artificial intelligence, and no company benefited from the trend quite like chipmaker Nvidia. Earnings released on Wednesday show Nvidia’s profits grew to nearly $12.3 billion in the three months ended January 28 — up from $1.4 billion in the year-ago quarter, a gain of 769% year-over-year and even stronger growth than Wall Street analysts had expected. That result helped bring the company’s full-year profits up more than 580% from the year earlier. Nvidia also posted fourth quarter revenue gains of 265% year-over-year, also exceeding analyst projections, as the company continues to ride the wave of massive AI investment. “Demand is surging worldwide across companies, industries and nations,” CEO Jensen Huang said in a statement Wednesday. Nvidia is crucial to the burgeoning AI space. The American chipmaker is unmatched in producing processors that power artificial intelligence systems, including for generative AI, the buzzy new technology that can create text, images and other media. Nvidia accounts for around 70% of AI semiconductor sales, even as Meta, Amazon, IBM and Microsoft have all begun producing some of their own chips, according to Dan Morgan, vice president at Synovus Trust Company.
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