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.
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