Nvidia’s revenue in the third quarter of 2024 increased 94% to a record $35.1 billion compared to the same period in 2023, according to the tech giant’s report. This is due to the high demand for the company’s AI-based chips.
Author:
https://rb.ru/author/bmuzichenko/
Subscribe to RB.RU on Telegram
The biggest increase was shown by Nvidia’s data center revenues: the figure increased by 112% to $30.77 billion, compared to $14.51 in July-September last year. The company predicts that its revenue in the fourth quarter of 2024 will increase to $37.5 billion, which almost matches the market consensus forecast of $37 billion.
Analysts are closely watching how Nvidia’s new generation of AI chips, called Blackwell, could impact the tech giant’s near-term revenue growth, and whether the chips face challenges as they roll out, the Financial Times noted. . Previously, The Information reported that Blackwell overheats when connecting to servers.
Blackwell were announced in March. They are primarily intended for developments in the field of AI and can provide twice the power for training neural networks compared to the current generation of chips.
In early November, Nvidia became the first company in history whose market capitalization exceeded $3.6 trillion. Reuters noted that this amount is greater than the value of Netflix, Walmart, JPMorgan, Visa, Eli Lilly and UnitedHealth Group combined.
Since the beginning of the year, the tech giant’s shares have grown more than 200%, writes FT. This indicator was facilitated by the technological race among companies to develop and implement AI technologies, the newspaper notes. At 17:52 Moscow time, Nvidia shares are trading at $146.3 per share.
Author:
Bogdan Muzychenko
Source: RB

I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.