August 23, 2023 -SAN FRANCISCO (AP) — Computer chip maker Nvidia has rocketed into the constellation of Big Tech’s brightest stars while riding the artificial intelligence craze that’s fueling red-hot demand for its technology.
The latest evidence of Nvidia’s ascendance emerged with Wednesday’s release of the company’s quarterly earnings report. The results covering the May-July period exceeded Nvidia’s projections for astronomical sales growth propelled by the company’s specialized chips — key components that help power different forms of artificial intelligence such as Open AI’s popular ChatGPT and Google’s Bard chatbots.
Nvidia’s revenue for its fiscal second quarter doubled from the same time last year to $13.51 billion, culminating in a profit of $6.2 billion, or $2.48 per share, more than nine times more than the company made a year ago. Both figures were well above the projections of analysts polled by FactSet Research.