SAN FRANCISCO, Aug 24 — Nvidia, a leading name in artificial intelligence (AI), announced massive gains in their latest quarterly report, doubling sales to $13.5 billion. This leaves a net profit of $6.2 billion, a huge increase of 843% from last year.
The company’s CEO, Jensen Huang, praised the AI-driven success, saying, “A new computing era has begun.” Nvidia’s unique role in AI has helped it become a trillion-dollar company.
The demand for Nvidia’s graphics processing units (GPUs) is so high that Elon Musk commented that they “are considerably harder to get than drugs.”
Nvidia doesn’t make its own chips but designs them, which could cause a supply crunch as they are reliant on manufacturing partners like Taiwan’s TSMC.
The U.S. government’s export restrictions have impacted Nvidia’s reach in the Chinese market. Nvidia’s CFO, Colette Kress, warned further curbs could cause a “permanent loss of an opportunity for the US industry.”
Nvidia’s success symbolizes the current AI boom, with the company’s share price tripling this year and stock rising over 8% following the earnings report.
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