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Nvidia's Market Value Tops $2T With Booming Demand For Artificial Intelligence

23.02.2024 18:27

American chipmaker saw record quarterly, full year revenues; over 40,000 firms use firm's graphics processing units for AI.

US-based global chipmaker Nvidia's market value topped $2 trillion on Friday with booming demand for artificial intelligence.

Nvidia's stock price soared 16.4% on Thursday to close at a record-high level of $785.38 per share for the tech firm, after the company late Wednesday posted record quarterly and full-year revenues.

The California-based company's stock price rose to $817.11 a share at 9.56 am EDT (1456GMT) on the Nasdaq for a daily gain of an additional 4%, which gave the firm a market capitalization of $2.04 trillion.

Nvidia on Feb. 14 surpassed Alphabet – Google's parent company – to become the third-most valuable publicly traded company in the US, one day after surpassing Amazon.

More than 40,000 firms use Nvidia's graphics processing units (GPUs) for AI, while its products are used by data scientists, application developers and software engineers that work with generative artificial intelligence.

Nvidia saw a record revenue of $22.1 billion for the fourth quarter ending this Jan. 28, up 265% from $6.05 billion in the same period of the previous year, according to its financial results statement late Wednesday.

Total revenue for the full fiscal year of 2024 came in at a record high of $60.9 billion – up 126% from almost $27 billion in the full fiscal year of 2023.

The company said it also saw record quarterly Data Center revenue of $18.4 billion, soaring 409% from the same period of the year before.

Full-year Data Center revenue, in addition, rose 217% during the same period to also reach a record level of $47.5 billion, said the statement.

Net income, meanwhile, soared a massive 769% to almost $12.3 billion in the fourth quarter that ended this January from approximately $1.4 billion in the same period of last year. -

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