Here's the Big Reason Nvidia Stock Has Exploded 258% Higher in the Past Year
Nvidia (NASDAQ: NVDA) stock has soared 258% over the past 12 months. The initial hype surrounding artificial intelligence (AI) centered around OpenAI and its ChatGPT platform, which quickly attracted a $10 billion investment from Microsoft in early 2023.
However, the technology industry quickly realized OpenAI's success wouldn't have been possible without Nvidia's specialized data center chips, which are designed specifically to process AI workloads. As a result, Nvidia experienced a tidal wave of demand -- from the smallest of AI start-ups to the world's largest tech giants.
Nvidia's H100 graphics processing unit (GPU) was the hottest piece of AI hardware last year, and it drove the company's data center revenue to $47.5 billion during its fiscal 2024 year (ended Jan. 28). That was a 217% increase from fiscal 2023.
Source Fool.com
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