SAN JOSE, United States (US): US chip-maker, Nvidia, on Wednesday reported another quarter of strong growth driven by the boom in artificial intelligence (AI), German Press Agency (dpa) reported.
Revenue rose 62 per cent year-on-year to USD57 billion (RM237.69 billion), the company said, beating Wall Street expectations.
Compared with the previous quarter, revenue was up 22 per cent.
Nvidia shares gained more than three per cent in after-hours trading, while other chip-makers also traded higher.
Stocks of major Nvidia customers, namely Google, Microsoft, Amazon and Meta, moved up as well.
The company’s chips have become a key technology for training and operating AI models such as ChatGPT, making the company’s results an important indicator for the wider AI industry.
The strong figures come despite recent concerns in financial markets that optimism around AI may have fuelled a tech-stock bubble.
Nvidia’s market value has fallen from about USD5 trillion (RM20.85 trillion) to USD4.5 trillion (RM18.765 trillion) in recent weeks, though it remains the world’s most valuable listed company.
Net profit climbed 65 per cent year-on-year to USD31.9 billion (RM133.023 billion), also above analysts’ forecasts.
Nvidia issued a revenue outlook of USD65 billion (RM271.05 billion) for the current quarter, well above the market consensus of about USD61.5 billion (RM256.455 billion).
The company continues to post strong growth despite having effectively no business in China following US export restrictions and countermeasures by Beijing. – BERNAMA-dpa
