Breaking Crypto News – The Artificial Intelligence Revolution: Nvidia Q1 Earnings Report Highlights Key Development
Breaking Crypto News – Nvidia announced its Q1 earnings report on May 22. Revenue topped analyst projections of $24.6 billion, rising 18% from the fourth quarter of the previous year and 262% from the same period the previous year. Following the release of the earnings, NVDA’s stock price shot up to an all-time high of slightly over $1,000 in after-hours trading on May 22, increasing the company’s market capitalization to over $2.5 trillion. The outcome surpasses the combined market capitalization of Tesla and Amazon, doubles the value of Bitcoin, and surpasses Ether by a factor of five.
Nvidia Will Produce Chips Every Year
Nvidia’s market cap was only valued at $100 billion five years ago. However, it has since grown to become the third-largest publicly traded corporation in the world, trailing Apple by just 17%. Driven by the increasing demand for generative AI training, the company reported substantial growth in data center revenue with $22.6 billion.
According to Jensen Huang, the CEO and founder of Nvidia, the transition to new kinds of data centers is the start of the next industrial revolution.
AI factories to produce a new commodity: artificial intelligence.
Huang
“We are poised for our next wave of growth,” he stated prior to declaring that the new Blackwell platform, intended for supercomputing on a “trillion-parameter-scale generative AI” basis, was already in production. Huang announced the new manufacturing cycle during the company’s earnings call, stating that the company will now begin creating AI chips annually.
I can announce that after Blackwell, there’s another chip. We’re on a one-year rhythm,
Huang
FAQ
What is Generative AI?
Artificial intelligence that can use generative models to create text, photos, movies, or other types of data is known as generative artificial intelligence. This type of AI frequently responds to commands. After gaining an understanding of the structure and patterns in the training data they receive, generative AI models produce new data with those same features.
What Time Does the Nvidia Earnings Report Come Out?
NVIDIA Corporation Common Stock reported earnings after the market close on 22/05/2024. The report covers the fiscal quarter ending April 2024.
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