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NVIDIA's revenue grew 262% last quarter and exceeded high investor expectations and pushed the company's shares to growth in trading. NVIDIA also announced a 10-for-1 stock split effective June 7, and reported a 150% increase in quarterly dividends.
Revenue for the quarter was $26 billion versus previous estimates of $24.7 billion, driven by record sales of artificial intelligence chips. Revenue is expected to be about $28 billion for the current quarter. NVIDIA shares, which continued their meteoric rise of more than 90% year-to-date, rose 2% on the day.
Demand for NVIDIA's AI data center GPUs has skyrocketed in the past year as major technology companies rush to develop the computing infrastructure needed to build powerful new AI products. Google, Microsoft, Meta and Amazon have indicated that their spending on this will remain high through 2024.
- NVIDIA will now develop new chips every year, rather than every two years. This was announced by the company's CEO Jensen Huang. NVIDIA will also speed up the development of any other chips it produces to match the once-a-year rate – which could include custom graphics cards
“I can announce that there is another chip after Blackwell. We will work on a one-year basis,” Huang noted.
Previously, NVIDIA created a new architecture approximately every two years – for example, Ampere was introduced in 2020, Hopper in 2022, and Blackwell in 2024. Recently, analyst Ming-Chi Kuo reported that the next Rubin architecture will arrive in 2025 with the R100 GPU, Huang's comments indirectly confirm this possibility.
“New processors, new GPUs, new network adapters, new switches… a whole range of microcircuits will appear.”
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When an analyst asked Huang to explain how Blackwell GPUs will evolve while Hopper GPUs are still selling well, Huang explained that the new generations of NVIDIA chips are electrically and mechanically compatible with previous versions and work with the same software. Customers will “easily move from H100 to H200 to B100” in existing data centers, he said.
Sources: Financial Times, The Verge
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