Nvidia still continues to smash expectations with the release of their Q2 results. Their AI Unit revenue was over $10 billion, a staggering 171% year-on-year increase. Shares rose 7% after the results were announced. This is indeed good news for investors who have taken the leap into Megatech investment.
Nvidia is the largest producer of chips powering Generative AI, and thanks to a 300% surge in their share price, their market cap has exploded from a little under $300 billion to almost $1.3 trillion in just 10 months.
“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.
Nvidia’s last three reporting quarters showed major growth, and bolsters the legitimacy of AI’s prominence in the tech sector.