Profit doubles

Chip company Nvidia continues to benefit from the AI boom

Nvidia CEO Jensen Huang - now the ninth richest person in the world thanks to the AI boom. Estimated fortune: 127.2 billion US dollars.(Bild: APA/AFP/Sam Yeh)

The boom in artificial intelligence (AI) has given Nvidia another growth spurt. The largest provider of AI special processors announced a crazy 94 percent increase in turnover to 35.1 billion dollars (33.3 billion euros) for the past quarter. 

Profits more than doubled to 0.78 dollars per share - a total of 19.3 billion dollars. However, investors had hoped for an even better forecast for the current quarter. The share price fell by around two percent in an early reaction in US after-hours trading.

Key position in AI
Nvidia's chip systems are used around the world for training applications with artificial intelligence. Heavyweights such as Google and the Facebook group Meta fill entire data centers with them - but AI start-ups such as the ChatGPT inventor company OpenAI also rely on them. This key position means that Nvidia's business continues to grow.

Nvidia's revenue from data center technology shot up by 112 percent year-on-year to 30.8 billion dollars. This exceeded analysts' expectations. Nvidia plans to launch the first systems with the new "Blackwell" chip on the market in the current quarter. At the same time, the company admitted that demand for both "Blackwell" processors and the current generation called "Hopper" will exceed supply for several quarters to come.

The age of artificial intelligence is in full swing.

Nvidia-Chef Jensen Huang

"The age of artificial intelligence (AI) is in full swing," said Jensen Huang, CEO of the world's largest supplier of specialized processors for this technology, on Wednesday. The interest in the "Hopper" and "Blackwell" models is "incredible". AI is not only transforming the economy: "Countries have recognized the importance of developing a national AI infrastructure."

For the current quarter, Nvidia predicted a turnover of 37.5 billion dollars - with the caveat that it could be two percent higher or lower. This was roughly in line with market expectations.