Nvidia Profits Soar Over 580% to $12.3B as AI Chip Demand Fuels Record Growth
• Nvidia's profits grew 580% last year to $12.3 billion, far exceeding expectations, as demand for AI technology surged • The company’s quarterly revenue jumped 265% year-over-year to a record $18.4 billion • Nvidia dominates the AI chip market with a 70% market share, powering systems at Google, Amazon, etc. • Stock price grew 230% in 2022; analysts call Nvidia "the most important stock on planet earth" • China sales declined due to US export restrictions on advanced AI chips, but strong growth continued in other regions