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NVIDIA reported report income in its newest earnings report on Aug. 23.
The chip large revealed that it introduced in a record-breaking $13.51 billion in income in Q2 2023, up 101% from one 12 months in the past and up 88% from final quarter.
Moreover, NVIDIA urged that almost all of these earnings have been attributable to income in its information middle class. That class, which incorporates a lot of its synthetic intelligence (AI) applied sciences, introduced in a report $10.32 billion in income over Q2 2023. That quantity is up 171% from one 12 months in the past and up 141% from the final quarter.
The corporate additionally emphasised its rising concentrate on generative AI and accelerated computing. Jensen Huang, founder and CEO of NVIDIA, mentioned:
“A brand new computing period has begun. Corporations worldwide are transitioning from general-purpose to accelerated computing and generative AI. … NVIDIA GPUs … make up the computing infrastructure of generative AI.”
Huang added that “the race is on to undertake generative AI,” drawing consideration to varied AI-focused developments and partnerships involving NVIDIA and its merchandise.
The corporate went on to explain a number of lately introduced chips with AI functions, in addition to AI-related partnerships with corporations corresponding to VMWare, ServiceNow, Accenture, and SoftBank. It additionally highlighted its NVIDIA Avatar Cloud Engine, supposed to create online game characters able to dialog, and a partnership with MediaTek, which partially considerations AI for automotive methods.
Crypto mining takes a again seat
NVIDIA beforehand grew to become notable within the blockchain sector for its involvement in crypto mining. In 2021, it launched a line of GPUs referred to as Cryptocurrency Mining Processors (CMPs), that are completely supposed to be used in cryptocurrency mining.
Nonetheless, NVIDIA has confronted controversies round its crypto enterprise. When NVIDIA launched its CMP chip, it additionally restricted the mining talents of non-CMP chips. Then, in 2022, the SEC fined NVIDIA for failing to reveal how mining affected its gaming enterprise. One NVIDIA government has notably criticized crypto, stating it provides nothing to society. These controversies coincide with a minimal concentrate on crypto lately.
The truth is, NVIDIA’s newest report makes no point out of crypto mining in any respect. Previous reviews counsel that gross sales of CMP chips are on the decline: in a Might 2022 SEC submitting, the agency mentioned that CMP quarterly income was “nominal” and down from $155 million.
The submit NVIDIA reports record $13B revenue in Q2 2023 as AI tech industry booms appeared first on CryptoSlate.
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