Nvidia Targets $24 bn Revenue in First-Quarter Betting on Chips for AI Business

Nvidia, which is powering majority of chips for AI business, said it is anticipating first-quarter revenue of $24 billion with an expected growth of 233 percent.
NVIDIA CampusNvidia said in a filing it had received requests from antitrust regulators in France, the European Union, United Kingdom and China over its sale of GPUs and efforts to allocate supply, Reuters news report said.

Nvidia has reported revenue of $22.1 billion for the fourth quarter ended January 28, 2024, marking a 22 percent increase from the previous quarter and 265 percent surge from the corresponding period last year.

For fiscal year 2024, Nvidia’s revenue witnessed a remarkable upsurge, soaring by 126 percent to reach $60.9 billion.

Jensen Huang, the founder and CEO of Nvidia, attributed this phenomenal growth to the burgeoning demand for accelerated computing and generative AI technologies worldwide.

Nvidia’s Data Center business saw record-breaking revenue for the fourth quarter, surging by 409 percent from a year ago and 27 percent sequentially. This surge was fueled by higher shipments of the Nvidia Hopper GPU computing platform, catering to diverse applications such as large language models, recommendation engines, and generative AI.

Nvidia’s Gaming revenue surged by 56 percent from a year ago, driven by the launch of the GeForce RTX 40 SUPER Series GPUs.

Nvidia’s Professional Visualization revenue increased by 105 percent year-on-year, primarily due to higher sell-in to partners. Automotive revenue, although down 4 percent from a year ago, witnessed a sequential increase of 8 percent, driven by self-driving platforms.

Despite these impressive figures, Data Center sales to China declined significantly in the fourth quarter due to U.S. government licensing requirements. However, strong demand from enterprise software, consumer internet applications, and multiple industry verticals including automotive, financial services, and healthcare contributed to robust growth in Data Center revenue.