Chip giant Nvidia recently reported a record annual revenue of $215.9bn (£159.1bn), despite a wave of investor scepticism about the amounts of money being spent on AI technology.
The firm also beat analyst’s forecasts as sales for the last three months of its financial year jumped by 73% compared to 12 months earlier.
“Computing demand is growing exponentially”, boss Jensen Huang said. “Our customers are racing to invest in AI compute – the factories powering the AI industrial revolution and their future growth”.
While providing chips for companies across the AI sector, Nvidia has also laid out plans in recent weeks to generate demand with new technologies of its own.
Nvidia is the world’s most valuable publicly-traded company, with a stock market value of around $4.8tn.
It has become a central player in the buildout of AI infrastructure, providing sophisticated chips to leading AI model developers including OpenAI and Meta.
Nvidia has been scrutinised by investors who worry about its ever-expanding web of deals with other companies. Critics have raised the spectre of “circular financing” deals in which investments by Nvidia in other companies may be clouding perceptions about how robust AI demand really is.
Source: BBC News
Image Credit: Nvidia
