Nvidia, a leading manufacturer of graphics processing units (GPUs), announced a staggering 265% increase in revenue compared to the previous year, amid rising global demand for artificial intelligence (AI) equipment.
According to the latest fourth-quarter financial report, Nvidia revealed Q4 revenue of $22.1 billion, marking a 22% increase from the previous quarter. Jensen Huang, the founder and CEO of Nvidia, credited the sales surge to the growing need for accelerated computing and generative AI on a global scale, with a current market capitalization of $1.67 trillion.
The below graph (30-day average turnover) states Nvidia’s position to become the most-traded stock & overtake Tesla:
Over the last 30 trading sessions, approximately $30 billion worth of Nvidia shares were traded, compared to Tesla’s average of around $22 billion during the same period.
On January 27, Musk affirmed Tesla’s intention to invest over $500 million solely in 2024 to acquire AI hardware from Nvidia.
He emphasized that remaining competitive in the AI realm now requires an annual expenditure of at least several billion dollars. Additionally, Tesla intends to procure AI-related hardware from AMD, Nvidia’s primary competitor in GPU manufacturing.
Also Read: Nvidia’s Market Value Overtakes Amazon With AI Chip
