NVIDIA celebrates its most profitable and highest sales quarter EVER, stock breaches $1000+

NVIDIA has just posted its Q1 2024 earnings, reporting record quarterly earnings of $26 billion, destroying analysts' expectations of $24.59 billion. $26 billion in revenue for Q1 2024 are up 18% from the previous quarter, and up 262% from a year ago.

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NVIDIA profits and revenues skyrocketed in Q1 2024, with record quarterly data center revenues of $22.6 billion, which is up 23% from Q4 2023, and a gigantic 427% year-over-year.

Jensen Huang, founder and CEO of NVIDIA, said: "The next industrial revolution has begun - companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center - AI factories - to produce a new commodity: artificial intelligence. AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities".

"Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies, and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets".

"We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on CUDA everywhere - from the cloud to on-prem data centers and RTX AI PCs - through our expansive network of ecosystem partners".