In its latest earnings report, chip giant Nvidia has announced record profits, attributing the success to the exponential growth in demand for AI compute. CEO Jensen Huang highlighted the unprecedented surge, stating, “The demand for AI compute in the world has gone completely exponential.” The company’s revenue reached $68 billion in the most recent quarter, marking a substantial 73% increase from the previous year.
Of the total revenue, $62 billion stemmed from Nvidia’s data center business, with $51 billion specifically from compute revenue, predominantly GPUs, and $11 billion from networking products like NVLink. Throughout the year, Nvidia amassed a total revenue of $215 billion.
Despite the recent relaxation of export restrictions by the U.S. government, Nvidia did not record any revenue from chip exports to China. CFO Colette Kress explained that while some H200 products for China were approved by the U.S. government, they have yet to generate revenue due to uncertain import permissions into China.
During an investor call, Huang also discussed Nvidia’s forthcoming investment in OpenAI, reportedly valued at $30 billion. This strategic move signifies Nvidia’s commitment to furthering its presence in the AI landscape.
Source: TechCrunch