Nvidia reported record breaking quarterly revenues of $26B for the Q1, a 262% increase from the previous year and an 18% increase from the prior quarter.
After achieving record-breaking quarterly revenues, bringing the company to a total of $26 billion for the first quarter, semiconductor giant Nvidia has no intention of slowing down its efforts to develop artificial intelligence.
Nvidia’s Q1 Revenue Soars 262%
On May 22nd, Nvidia unveiled its results report for the first quarter. The revenue surged by 262% compared to the previous year and by 18% from the fourth quarter of the previous year, exceeding the analysts’ forecasts of $24.6 billion.
Following the release of earnings, NVDA’s stock reached an all-time high of slightly more than $1,000 in after-hours trading on May 22. This resulted in the company’s market valuation reaching more than $2.5 trillion.
In comparison, the outcome is greater than the combined market capitalization of Tesla and Amazon, twice as huge as that of Bitcoin and more than five times larger than that of Ether.
In the past five years, Nvidia’s market capitalization was only $100 billion. However, it has since risen to become the third largest public business in the world and is only 17% away from surpassing Apple.
![Nvidia](https://coinxposure.com/wp-content/uploads/2024/05/ba922692-7f29-4427-81bf-70c3abe5ddf9-1024x376.jpg)
The company reported a robust gain in its data center revenue of $22.6 billion, primarily due to the increasing demand for generative artificial intelligence training.
Jensen Huang, the founder and CEO of Nvidia, stated that the next industrial revolution has begun with a transition to new sorts of data centers, which he referred to as “AI factories to produce a new commodity artificial intelligence.
Before making the announcement that the new Blackwell platform, which was designed for “trillion-parameter-scale generative AI” supercomputing, was in full production, he stated, “We are poised for our next wave of growth.
The company will now begin developing artificial intelligence chips on an annual basis, as stated by Huang, who confirmed the new production cycle on the earnings call for the company earlier today Nvidia released Ampere in 2020, Hopper in 2022, and Blackwell in 2024.
“I can announce that after Blackwell, there’s another chip. We’re on a one-year rhythm,”
Up until this point, Nvidia has released a new microprocessor architecture approximately every two years.
![Nvidia](https://coinxposure.com/wp-content/uploads/2024/05/034b9284-ed07-44b6-8771-4340d74201f6-1024x367.jpg)
Additionally, the company disclosed that it is increasing its relationship with Amazon Web Services (AWS), Google Cloud, Microsoft and Oracle in order to accelerate the development of generative artificial intelligence.
In order to get the best possible performance on Nvidia GeForce graphics cards and personal computers, Microsoft Windows has been updated with new artificial intelligence performance optimizations and integrations.
In addition, the company revealed two new artificial intelligence gaming technologies, namely Nvidia ACE and Neural Graphics, and made a veiled reference to the possibility of utilizing AI to create more immersive gaming experiences.
On the other hand, gaming revenue for the first quarter was $2.6 billion, which is an 8% decrease from the previous quarter. There are a number of industries that Nvidia intends to continue to push the boundaries of artificial intelligence in, including automotive (self-driving), robots, healthcare, and semiconductor production.