The company’s specialized AI chips are in great demand, boosting its value to over $1tn, a first for a chipmaker
The chipmaker Nvidia has far surpassed quarterly expectations, raking in $13.5bn in revenue – over $2bn more than the $11.2bn Wall Street analysts had predicted – amid skyrocketing demand for its computer chips that power artificial intelligence (AI) systems.
The blockbuster second quarter comes at a moment of intense hype around generative AI, a mood that Nvidia has been uniquely positioned to capture. The 30-year-old company is one of the biggest winners in the AI boom and is now valued at over $1tn, with its chips powering nearly all the world’s major artificial intelligence apps, including ChatGPT.
Reuters contributed reporting
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