Nvidia’s results cast a very long shadow on Wall Street. Jensen Huang, CEO of the most fashionable company of the moment, did not shy away from the euphoria. “Today we are living in a golden age of new artificial intelligence labs and startups,” he said this Wednesday when presenting quarterly results at the close of the New York stock market that once again exceeded all expectations.
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The microchip company, valued at five trillion and key to AI development, reported a better-than-expected second fiscal quarter balance sheet and offered revenue forecasts that surpassed estimates. But, as usual, the stock fell in after-market trading. These extraordinary second-quarter results do not convince investors.
“We are living in a golden age of new AI labs and startups,” says Jensen Huang
The world’s most valuable company had revenues that reached 96.2 billion dollars in the quarter ending in late July, more than double a year ago (46.7 billion), and forecast sales of 108 billion for the current quarter, exceeding estimates of 104 billion. The shares earned a profit of 2.22 dollars, compared to the 2.17 dollars predicted.
Nvidia’s financial performance has become a key indicator of the health of the AI infrastructure boom, as its advanced microdrivers are widely used to train and run models for startups like Anthropic and OpenAI
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But investors are eager to know if Nvidia is becoming more or less dependent on hyperscalers Amazon, Google, and Microsoft, amid concerns about customer concentration.
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The company’s chips have been used to develop and run the most advanced AI models, and increasingly, Nvidia is also providing financial support through guarantees and other agreements that allow for the financing and construction of new AI data centers.
Revenues from these centers, which are subject to controversy and opposition in many parts of the United States, are related to the company’s core AI chip business, which has been the main driver of its growth, amounting to 89 billion dollars, an increase of 117% year-on-year.
Net profit increased to 59.7 billion, while the gross margin was 75%. However, Nvidia indicated that it expected a gross margin of approximately 74%.
Almost four years after the launch of ChatGPT, the OpenAI tool that popularized artificial intelligence, Nvidia continues to record spectacular growth that defies all predictions.
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