Nvidia, a producer of graphics processing units (GPUs), reported a 265% year-on-year increase in revenue amid rising global demand for artificial intelligence (AI) equipment, stated Cointelegraph.
As per insights from fourth-quarter financial results, Nvidia recorded revenue of $22.1 billion in Q4, up 22% from Q3 and 265% from the prior year. The drive in sales is expected to contribute to the surge in the global demand for accelerated computing and generative AI, Jensen Huang, founder and CEO, Nvidia, explained.
On January 27, Musk mentioned Tesla’s plan to spend more than $500 million to procure AI hardware from Nvidia in 2024 alone. “The table stakes for being competitive in AI are at least several billion dollars per year at this point,” Musk said.
Furthermore, it is believed that Tesla also has plans to buy AI-related hardware from AMD, Nvidia’s GPU-manufacturing competitor, concluded Cointelegraph.
(With insights from Cointelegraph)
