Nvidia: Another Reason Why Buying This Artificial Intelligence (AI) Stock Is a No-Brainer Now
Nvidia's (NASDAQ: NVDA) artificial intelligence (AI)-driven surge shows no signs of stopping. The company's results for the second quarter of fiscal 2024 (ended July 30, 2023), which were released last month, suggest that it's just getting started in this lucrative niche.
Nvidia's revenue doubled on a year-over-year basis during the quarter and earnings shot up an astonishing 429%. The company expects even faster year-over-year revenue growth of 171% in the current quarter to $16 billion as it scrambles to meet heavy demand for its H100 data center graphics processing units (GPUs).
It's worth noting that the waiting period for Nvidia's H100 GPUs reportedly is up to more than six months. This points to a solid revenue pipeline for the company, given that each chip is priced at $40,000.
Source Fool.com
