California-based semiconductor company Nvidia – self-proclaimed world leader in artificial intelligence computing – has seen its shares skyrocket after a sales report disclosed a 265% increase in quarterly revenue.
The boom in shares and sales has landed the tech company the title of the “World’s most valuable chip company”, as reported by the FT.
Jensen Huang, founder and CEO of NVIDIA, said:
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.”
The company was founded in 1993 as a provider of graphics cards and semiconductors for computer games and is now the go-to source for artificial intelligence (AI) demand as Big Tech companies such as Microsoft and Meta have increased their investment in AI computing.
The company also uses their technology to aid in the growing market of autonomous vehicles and in-vehicle AI assistance.
A selection of its chips have reportedly become the industry standard for AI developers.
The tech giant has reported no signs of slowing down as it forecasts its revenue for the current quarter to reach $24 billion.
Read the full report by Nvidia here.
