Nvidia’s 4Q revenue, profit soar thanks to demand for its chips used for artificial intelligence
Associated PressSANTA CLARA, Calif. — Nvidia Corp., which has seen its value skyrocket over the past year thanks to soaring demand for its graphics chips used for artificial intelligence, posted stronger-than-expected results Wednesday for its latest quarter, with its revenue more than tripling from a year earlier. “It has a massive lead in the growing global AI chip sector but can’t rest on its laurels.” Bourne said Nvidia faces a number of challenges, including broader economic uncertainty, tech giants’ drive to make their own AI chips and emerging rivals. But he said the company’s market strength, for the near future, is “durable” For the current quarter, Nvidia expects revenue of about $24 billion. “We believe these two trends will drive a doubling of the world’s data center infrastructure installed base in the next five years and will represent an annual market opportunity in the hundreds of billions.” Nvidia’s shares jumped 7.5%, to $726 in after-hours trading.