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Nvidia just keeps hitting it out of the park

May 22, 2024 - businessinsider.com
Nvidia reported record quarterly revenues of $26 billion, surpassing analyst estimates of $24.65 billion and marking a 260% increase from the previous year. The company attributed this growth to the high demand for its chips, which are used in artificial intelligence technology. Nvidia also provided a positive outlook for the future, predicting second-quarter revenue of about $28 billion, which is also above expectations. The positive financial report boosted Nvidia's shares to over $1,000 for the first time, with the stock having risen over 200% in the past year.

Despite anticipation for Nvidia's upcoming GPU chip, Blackwell, sales of its H100 chip remain strong. CFO Colette Kress stated that demand for the H200 and Blackwell chips is outpacing supply as the company works towards global availability. The company also announced a 150% increase in its quarterly dividend and a 10-for-1 stock split. Despite some tech companies planning to create their own AI chips, most still rely on Nvidia, indicating its industry dominance.

Key takeaways:

  • Nvidia reported record quarterly revenues of $26 billion, up over 260% from a year ago, and expects second-quarter revenue to be about $28 billion.
  • The company's shares rose to above $1,000 for the first time, with the stock having risen more than 200% in the last twelve months.
  • Nvidia raised its quarterly dividend by 150%, from four to 10 cents per share, and announced a 10-for-1 stock split, effective next month.
  • Despite some tech giants developing their own AI chips, most companies are still relying on Nvidia, indicating its dominance in the industry.
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