Nvidia is now making far more money than it’s ever made before. The company raked in $13.5 billion in revenue since May, it revealed in its
Q2 2024 earnings, with the
unprecedented demand for its generative AI chips blowing past any difficulty it might have had selling desktop and laptop GPUs into
a shrinking PC industry. Data center accounted for a record $10.32 billion of that revenue, more than doubling in just one quarter, and Nvidia made $6.188 billion in
profit as a result — up
843 percent year over year. And while gaming is more than a billion dollars short of pandemic highs, it was actually up 22 percent year over year to $2.48 billion in revenue, too.
Nvidia is forecasting revenue of
$16 billion next quarter, yet another leap due to AI. “We expect sequential growth to be driven largely by data center,” says Nvidia CFO Colette Kress on the earnings call. The company’s stock price jumped 8.5 percent in after-hours trading. The company’s next AI chip,
the GH200, is coming in mid-2024 for an undisclosed price, so next quarter’s demand will still be for existing AI chips. “Our supply over the next several quarters will continue to ramp as we lower cycle time and work with our supply partners to add capacity,” says Kress, adding that Nvidia’s L40 GPU “will help address the growing demand for many types of workloads.”
