Nvidia Is Making a Lot of Money Selling Artificial Intelligence (AI) Chips, but You May Be Surprised About How Much It Could Make From This Traditional Market
Nvidia (NASDAQ: NVDA) stock's stunning rally since the beginning of 2023 was primarily driven by the rapid growth of the company's data center business, which benefited from the booming demand for its artificial intelligence (AI) graphics cards.
In the company's recently concluded fiscal year 2024 (which ended on Jan. 28), the data center business produced a record $47.5 billion in revenue, accounting for 79% of its top line. That was a massive increase of 217% from the year-ago period.
The data center business recorded a much stronger year-over-year increase of 409% in revenue to $18.4 billion in fiscal Q4, significantly outpacing the segment's annual growth.
Source Fool.com