More

    Nvidia Surpasses Q4 Earnings Expectations

    Published on:

    CEO Jensen Huang announced that NVIDIA exceeded fourth-quarter revenue expectations due to a turning point in generative AI. A positive result will boost AI tokens and overall market sentiment.

    one of the largest manufacturers of Graphics processing unit (GPU)Nvidia announced a 265% year-over-year increase in revenue as it meets growing demand for artificial intelligence (AI) hardware around the world.

    According to its latest financial report for the fourth quarter, Nvidia's revenue was $22.1 billion, up 22% from the third quarter and 265% year over year. Nvidia founder and CEO Jensen Huang attributes the jump in sales to increased demand for the product. Generation AI Enabling faster computing around the world. With a market value of his $1.67 trillion, the chipmaker is now bragging.

    Nvidia overtakes Elon Musk's Tesla

    Nvidia has overtaken Elon Musk's Tesla as one of the most traded stocks on Wall Street.according to reportAbout $30 billion worth of Nvidia stock has changed hands between traders over the past 30 trading sessions, compared to an average of about $22 billion for Tesla over the same period.

    Additionally, Musk said on January 27 that Tesla intends to spend more than $500 million to procure artificial intelligence (AI) hardware from Nvidia in 2024 alone.he Said Right now, the stakes to stay competitive with AI are at least billions of dollars a year.

    Tesla also plans to buy AI-related hardware from AMD, Nvidia's biggest GPU manufacturing competitor.

    Nvidia beats fourth-quarter profit expectations

    Chip giant Nvidia beat already lofty fourth-quarter profit estimates, boosting broader stock markets and artificial intelligence tokens.

    Nvidia Said Fourth-quarter earnings per share announced Wednesday were $5.16, beating analysts' average estimate of $4.59 per share. Additionally, the chipmaker reported revenue of $22.1 billion, which beat Wall Street's expectations of $20.4 billion.

    AI tokens are rapidly increasing

    There has been a surge in AI tokens following Nvidia's performance. The gains for SingularityNet (AGIX), FetchAI (FET), and Render (RNDR) were over 20%, 10%, and 8%, respectively.based on CoinGecko According to statistics, the market capitalization of AI tokens has exceeded $16.5 billion. In contrast, the largest and most liquid cryptocurrency benchmark, CoinDesk 20 (CD20), fell 2.7%.

    Accelerated computing and generative AI have reached a tipping point, according to NVIDIA founder and CEO Jensen Huang. Demand is rapidly increasing across companies, industries, and countries around the world.

    Nvidia also forecast first-quarter revenue of $24 billion, beating experts' forecasts of $22.2 billion.

    The blow comes as the chipmaker, which has been driving the artificial intelligence (AI) revolution, saw its stock rise more than 200% last year, and its market capitalization at one point reached nearly $1.7 trillion, surpassing its market capitalization. Tech giants Amazon and Google. The strength of its surge led Goldman Sachs to call the company “the most important stock on the planet.”

    In post-market trading on Wednesday, the company's stock rose about 7%, while S&P 500 futures rose 0.5% and Bitcoin (BTC) fell 1.2%.

    Related

    Leave a Reply

    Please enter your comment!
    Please enter your name here