Posted 3/5/2024, 10:58:00 AM
Nvidia Soars to $2 Trillion on AI Dominance
- Nvidia's data center revenue exploded to $47.5B in fiscal 2024, up 217% year-over-year, accounting for 78% of total revenue
- Growth driven by high demand for Nvidia's H100 and new H200 GPUs for AI/ML workloads from companies big and small
- Stock price surged 258% in past year thanks to Nvidia's dominance in specialized AI chips
- Nvidia now a $2 trillion company, but stock doesn't seem overly expensive based on future earnings forecasts
- Revenue from data centers was just 12% of total in fiscal 2017, showing how pivot to AI has fueled growth