Nvidia reports record profits on massive demand for AI chips

Nvidia released their financial results this week, showing a record profit of $12.3 billion in the fourth quarter, up 770% y/y on massive demand for AI chips.

The gains are expected to accelerate even more in this quarter, and will put Nvidia on the map as one of the most valuable enterprises in human history.

Record Earnings 

Nvidia reported record earnings of $22.1 billion in the last quarter, with yearly earnings also hitting a record $60.9 billion.

The company attributed the gains to generative AI and accelerating computing services throughout the world.

Strong Outlook 

The company now expects its earnings this quarter to hit $24 billion, above market estimates of $21.9 billion.

Prices Surge

The stock price surged 6% in after-hours trading, with the stock up 36% so far this year. 

 The stock is expected to hit a new record high of $700 in today’s session.