NVIDIA Achieves Record Q1 Revenue, Catalyzing AI and Bitcoin Mining Sectors

NVIDIA Achieves Record Q1 Revenue, Catalyzing AI and Bitcoin Mining Sectors

NVIDIA has reported a groundbreaking quarterly revenue of $26 billion for Q1 2024, an 18% increase from Q4 2023, and a remarkable 262% rise year-over-year, according to the latest figures from the NVIDIA newsroom. This significant growth is largely attributed to its Data Center division, which itself saw a record revenue of $22.6 billion, marking a 23% increase from the previous quarter and an impressive 427% increase year-over-year. In response to these robust financial results, NVIDIA has announced a ten-for-one forward stock split set to take effect on June 7, 2024.

Following this announcement, NVIDIA’s share price has soared to over $1,000, with a pre-market trading price reported at $1,013—a more than 6% increase, as per Google Finance data.

Jensen Huang, CEO and founder of NVIDIA, highlighted the transformative impact of NVIDIA’s technology, stating, “The next industrial revolution has begun—companies and countries are partnering with NVIDIA to transition from traditional data centers to accelerated computing and establish AI factories, which are designed to produce a new commodity: artificial intelligence.”

This surge in NVIDIA’s market presence is significantly influencing other sectors as well. Notably, publicly traded Bitcoin mining companies are now expanding into AI cloud services, leveraging NVIDIA GPUs like the H100s to boost cost and energy efficiency while diversifying their revenue streams. This move demonstrates a growing convergence between AI technology and Bitcoin mining industries.

As reported by The Kobeissi Letter, NVIDIA has ascended to become the third largest publicly traded company globally, now just 17% behind Apple and surpassing the combined market cap of Tesla and Amazon. This remarkable growth underscores NVIDIA’s pivotal role in driving forward the sectors of AI and digital currency mining, reflecting broader trends in technology and investment. (TheForex24)

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