Nvidia Continues Upward Surge Thanks to AI Demand

Nvidia Continues Upward Surge Thanks to AI Demand

Nvidia exceeded expectations Wednesday as the chip maker posted a record revenue of $13.5 billion, 88% higher than Q1 and up 101% from last year, exceeding Wall Street estimates by over $2 billion.

The company also reported $10.32 billion in data center revenue, up 171% from last year.

Nvidia’s stock was up 3.17% Wednesday, with shares climbing as high as 9% in after hours trading, peaking to a record $515 per share. 

As the largest producer of computer chips, the boom in the regenerative AI market has greatly boosted the company’s value amongst investors.

Graphic Processing Units ( GPUs) produced by the company drove revenue due to their role in powering artificial intelligence and generative AI models.

According to Colette Kress, Chief Financial Officer of Nvidia, “Strong demand for the NVIDIA HGX platform—based on our Hopper and Ampere GPU architectures—was primarily driven by the development of large language models and generative AI.”


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