Sign Up on MEXCBreaking: AI Coins Rally As Nvidia Reports $26B in Revenue, 10-1 Stock Split
Highlights
- Nvidia recorded $26 billion in revenues in its Q1 2024 earnings.
- The company also saw a rise in GAAP earnings per diluted share to $5.98.
- This comes after a series of bullish projections as AI gains momentum.
Artificial Intelligence (AI) chip manufacturer, Nvidia has released its Q1 2024 earnings posting gains beating market expectations. In a May 22 release, Nvidia disclosed a $26 billion revenue in the first three months of the year, an 18% jump from last quarter and a 262% rise in the last 12 months.
According to the report, GAAP earnings per diluted share rose to $5.98, up 21% from Q4 2023 and 629% in twelve months. Nvidia revealed a 10-1 stock split aiming for easy ownership between employees and investors. To this effect, record holders will receive an additional nine common stock on June 6 to the distributed the following day at market close.
AI Coins Notch Uptick
Nvidia’s rise continues to drive AI coins in the crypto market. At press time, AI coins have recorded a 2.4% jump in the last 24 hours with some analysts expecting an uphill movement. The largest gainers include KWAI and Mozaic which posted 50X gains while popular assets like Fetch.ai, and The Graph posted 2.5% and 2.1% gains respectively.
This year has seen a jump in the AI frenzy as more firms pivot to the field. Jensen Huang, the CEO of Nvidia highlighted the benefits of AI on the current world economy.
“AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient while expanding revenue opportunities.”
Nvidia Drives AI Adoption
The software company’s data center saw revenues of $22.6 billion, a massive 23% jump from last quarter. Notable innovations include the announcement of the Nvidia Blackwell platform to usher in a new era of AI supercomputing. These better-than-expected earnings follow similar inflows from tech stocks as they continue to soar amid a bullish Q1 2024.
“Beyond cloud service providers, generative AI has expanded to consumer internet companies, and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets.”
For Q2 2024, the company expects a revenue growth of $28 billion amid other positive factors. The asset’s price trades at $949.50, a 0.46% slip ahead of its recent financial release.
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