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AI fuels profits surge for tech giant Nvidia
Daily Express
|August 26, 2024
TECHNOLOGY giant Nvidia is set to reveal another surge in profits on the back of doubling revenues as it benefits from the rapid adoption of generative artificial intelligence.
The chip firm, the second largest listed company in the world behind Microsoft, has seen its share price rise over 160% so far this year as investors banked on continued growth for its AI and data centre businesses.
On Wednesday, Nvidia - founded by boss Jensen Huang in 1993 - will update shareholders and analysts over its trading performance for its second quarter to the end of July.
They will be hoping for another blockbuster set of results after the firm delivered a strong first quarter.
Revenues shot up 262% to $26billion (£20bn) in the quarter to April, rising beyond the industry forecasts laid out in its previous update.
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