
AI boosts Nvidia’s growth to 122 percent
Nvidia, the chip company, reported a second-quarter revenue of $30 billion, a 122% increase from the same period last year and a 15% growth from the first quarter. Earnings reached $16.6 billion, up by 168%. Their popular microchips for training AI models have gained from the rising use of artificial intelligence, driving sales growth. CEO Jensen Huang attributes the record revenue to global data centers upgrading their computing stacks with accelerated computing and generative AI. Despite significant sales growth and a 150% stock rise since the start of the year, Nvidia’s shares dropped by 4.2% after-hours following doubts about the immediate profitability of generative AI. However, the launch of ChatGPT has boosted AI use significantly, and Nvidia is currently the world’s second most valuable company, valued at over $3000 billion.