Jensen Huang, president of Nvidia, holding the Grace hopper superchip CPU used for generative AI at the Supermicro keynote presentation during Computex 2023.
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Nvidia shares jumped 15% on Thursday morning, a day after the chip giant posted bumper earnings that beat Wall Street estimates.
The U.S. tech giant reported revenue of $22.10 billion for its fiscal fourth quarter, a rise of 265% year on year, while net income surged by 769%, as the company continues to see a boost from excitement over artificial intelligence.
Nvidia chips are used to train the huge AI models such as those developed by Microsoft and Meta.
Nvidia sees no signs of slowing. The company forecast its revenue in the current quarter will hit $24 billion, way ahead of estimates.
“Fundamentally, the conditions are excellent for continued growth” in 2025 and beyond, Nvidia CEO Jensen Huang told analysts on Wednesday, adding to the bullish sentiment around the stock.
Nvidia’s Data Center business, which includes the company’s H100 graphics cards that are used for AI training, posted sales of $18.4 billion in the fourth quarter, representing 409% year-on-year growth.
