Nvidia Reports Record $60 Billion Revenue Amid Surging AI Demand

By: Eliza Bennet

Nvidia enjoyed a strong surge in demand for its artificial intelligence (AI) and accelerated computing technologies, according to its latest earnings report. The company's CEO, Jensen Huang, highlighted the global swelling demand across different sectors, referring to the moment as a 'tipping point'. He further praised the popularity of Nvidia RTX as a platform for generative AI, used by over 100 million gamers and creators globally.

In financial terms, Nvidia's fourth-quarter revenue reached a record $22.1 billion, marking a 265% increase year on year. The annual revenue climbed to $60.9 billion, a 126% increase from 2022. Net incomes reported for the fourth quarter and the full year also showed increases, 769% and 581% respectively. The company expects to maintain this positive trend, forecasting revenues around $24.0 billion in the following quarters.

A large part of this financial success can be attributed to the data center division's substantial growth, due to the widespread adoption of AI technology. Fourth-quarter revenue from this division reached record-breaking $18.4 billion, a 409% increase year on year. The growth in data center sector was also propelled by partnerships with major tech companies, including Google, Cisco, and Amazon Web Services.