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Nvidia's Second Quarter Earnin...Nvidia's Second Quarter Earnings Double to $13.51 Billion on the Back of the Generative AI Boom
The Silicon Review
24 August, 2023
Author:
The Silicon Review Team
Demand for AI applications has grown steadily over the last year.
Nvidia's latest earnings results have surprised Wall Street; revenues and net income have doubled year on year, with gaming, data centers, and generative AI cited as contributing factors. The company has become a leading supplier in the generative AI industry, with companies transitioning from general-purpose computing to generative AI. Demand for AI applications has grown steadily over the last year. The infrastructure is shifting to support these AI-driven solutions. A number of cloud service providers have recently announced plans to adopt Nvidia's H100 AI hardware in their data centers.
Nvidia’s data center business raked in $10.32 billion in revenue, up 141% from the previous quarter and up 171% from a year ago, while the gaming unit, which was once the mainstay of its revenue, has been overshadowed. Nvidia's CEO, Jensen Huang, has said that his company has made an existential business decision to embrace AI-powered image processing in the form of ray tracing and intelligent upscaling (RTX and DLSS). While the gaming division's contribution continues to grow, it is outperformed by data centers. Huang also acknowledged that the race is on to adopt generative AI because of its major applications in various industries and use cases.
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