May 23, 2024, 7:27 a.m.
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Nvidia Results Exceed Expectations, Driven by 'AI Factories' - PYMNTS.com

Nvidia, the chipmaker, announced on Wednesday (May 22) that the AI gold rush is still going strong. The company reported an 18% increase in revenue for the quarter ending April 28 compared to the previous quarter, and a staggering 262% increase from the same period last year, reaching $26 billion. These impressive earnings beat Wall Street expectations, as analysts' estimates averaged at $24. 65 billion. Nvidia Founder and CEO, Jensen Huang, attributes the company's revenue growth to partnerships with companies and countries looking to transition from traditional data centers to "AI factories. " These AI factories, which act as next-generation data centers, host accelerated computing platforms that generate intelligence from incoming data. In the first quarter alone, Nvidia worked with over 100 customers to build AI factories of various sizes.

The company's Data Center revenue also saw significant growth, with a 23% increase from the previous quarter and a remarkable 427% increase from the same quarter in 2023. This growth is fueled by the demand for generative AI training and inference in various vertical markets. Looking ahead, Nvidia expects its revenue in the current quarter to amount to $28 billion, surpassing Wall Street's expectations. However, CEO Jensen Huang mentioned during the earnings call that demand is exceeding supply.

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