February 22, 2024
04:55
04:55
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Nvidia posts 265% rise in revenues on booming AI business
S&P 500 futures rose in overnight trading on Wednesday, supported by a jump in Nvidia shares, after the chip giant posted record revenues and issued upbeat guidance. The S&P500 climbed 0.7% and the Nasdaq was up more than 1%, but Nvidia shares really surprised the markets and rose 9% in after-hours trading. The company said its total revenue rose a jaw-dropping 265% from a year ago, driven by its expanding artificial intelligence business. Nvidia's Data Center business logged $18.4 billion in fourth-quarter sales, up 409% from the same period in the previous year. The segment includes the company's H100 graphics cards that are widely used to power generative artificial intelligence apps such as OpenAI's ChatGPT. Nvidia is now the fifth-largest company in the US (by market capitIIzation), and is forecasting another stellar revenue gain for the current quarter. This is expected to further boost confidence in the AI sector and the chip maker market.
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