NVIDIA’s record first quarter earnings fuel convergence of AI and Bitcoin mining

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Nvidia becomes the third largest publicly traded company in the world.

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by NVIDIA NewsroomNVIDIA delivered record quarterly revenue of $26 billion in Q1 2024, up 18% from Q4 2023 and an astounding 262% increase from the same period last year. This growth was heavily driven by its Data Center division, which reported record revenue of $22.6 billion, up 23% from the previous quarter and an astounding 427% increase year-over-year. In response to these impressive results, NVIDIA announced a 10-for-1 stock split, effective June 7, 2024.

The news pushed Nvidia’s shares above $1,000, trading at $1,013 premarket, a rise of more than 6%, according to Google data.

According to the NVIDIA newsroom, NVIDIA CEO and founder Jensen Huang spoke about the transformative potential of his company’s technology:

“The next industrial revolution has begun. Businesses and countries are partnering with NVIDIA to transition trillions of dollars of traditional data centers to accelerated computing and build a new type of data center – the AI ​​factory – to produce a new commodity: artificial intelligence.”

NVIDIA’s growing market presence is impacting a variety of sectors, including publicly traded bitcoin mining companies that are now diversifying into AI cloud services. These companies are using NVIDIA GPUs like the H100 to diversify their revenue streams while improving cost and energy efficiency, demonstrating the convergence of AI and bitcoin mining.

according to Kobessi’s letter, NVIDIA became the world’s third largest publicly traded company. It’s now only 17% smaller than Apple and more than the combined market capitalizations of Tesla and Amazon.