CHART: Nvidia reports a significant YoY revenue growth of 101% to reach $13.51 billion

At the heart of a global AI revolution, prominent chip manufacturer Nvidia has strategically positioned itself as the main supplier of generative AI technology hardware catering to the surging demand for AI-powered applications across industries. Notably this strategic positioning has driven its market capitalization past $1 trillion.

At the core of this transformative wave are its state-of-the-art A100 and H100 AI chips, that power AI applications, including OpenAI's ChatGPT.

This market upheaval is also unmistakably evident in Nvidia's recent financial performance for the second quarter of its fiscal year 2024. In the three months ending in June, the company reported an astonishing year-over-year revenue growth rate of 101% to reach $13.51 billion, far surpassing market expectations and doubling the previous year's figure of $6.7 billion, as seen in the Techloy chart below.

CHART: Nvidia has become the first chip maker to reach $1 trillion in market value

Silicon Valley-based chipmaker, Nvidia, has achieved a significant milestone as its market capitalization briefly soared past $1 trillion for the first time in its history on Tuesday, driven by the company’s strong performance in the AI market. As a result of the AI boom, Nvidia’s resounding succes…

TechloyEmmanuel Oyedeji