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Nvidia release The company announced first-quarter results on Wednesday, reporting a record quarterly revenue of $26 billion, which was higher than analysts expected for $24.65 billion. That’s an increase of more than 260% from a year ago, showing that strong demand for the company’s chips, used to power artificial intelligence technology, continues to grow.
Nvidia also offered a solid outlook for the future, saying second-quarter revenue would be about $28 billion, also beating expectations.
Following the news, Nvidia’s stock price exceeded $1,000 for the first time in late trading. The company’s stock price has increased more than 200% in the past 12 months.
The company said sales of its H100 chips remain strong even as customers wait for NVIDIA’s next GPU chip, Blackwell, to be released later this year. CFO Colette Kress also told investors on the conference call that demand for H200 and Blackwell chips far exceeds supply, with the company working to make the latter available globally later this year.
“We expect demand may continue to exceed supply next year,” Kress said.
Meanwhile, Chief Executive Officer Jensen Huang said the company expects “significant growth in Blackwell’s revenue” this year.
NVIDIA also increased its quarterly dividend by 150%, from 4 cents per share to 10 cents. announced a 10-for-1 stock split that will take effect next month.
Jacob Bourne, senior analyst at Emarketer, a sister company of Business Insider, said that Nvidia has once again become a force to be reckoned with as “AI companies around the world continue to rely on the company’s chips, network hardware and software ecosystem.” He said he was against it.
Some tech giants have recently announced plans to develop their own chips to power their AI products. Google makes its own Arm-based CPU processor, Axion, and Microsoft is also trying to develop its own AI chips. But most companies still rely on Nvidia.
“Technology companies’ public praise of Nvidia is a clear sign of its dominance. They want to reduce their dependence on chipmakers, but recognize they are not there yet. “We’re doing it,” Vaughn said. “We can expect NVIDIA’s bolder and more innovative efforts to help it maintain its position in the industry for the foreseeable future.”