Nvidia triples revenues thanks to the boom in artificial intelligence

May 23, 2024

28 1 minute read

US electronics giant Nvidia has reported another record quarter in terms of revenue thanks to its leadership position in the artificial intelligence (AI) sector.

The company, which holds a near-monopoly in the production of processors for AI computing, achieved revenues of $26 billion in the first quarter of this year, an increase of 262 percent year-on-year. Net profit recorded even more explosive growth: up 628 percent year-on-year, to $14,9 billion. These results prompted Nvidia founder and CEO Jensen Huang to declare yesterday that “the next industrial revolution has begun.

Companies and countries are collaborating with Nvidia to convert traditional trillion-dollar data centers to advanced computing to build a new type of data center – AI factories – and to produce a new raw material, artificial intelligence.”