Nvidia Returns as King!

In the quarter that ended on July 30, Nvidia made $2.70 for each share they have, which is more than what experts predicted ($2.09). They also made a total of $13.51 billion, which is again more than what was expected ($11.22 billion). Looking forward, Nvidia expects their sales to jump by a massive 170% in the next quarter, hoping to hit $16 billion.

Nvidia's CEO, Jensen Huang, highlighted how important AI is becoming. He pointed out that there are data centers worth about a trillion dollars globally. These centers are now shifting towards using more AI. Despite potential new rules on chip exports, Nvidia is confident it won't hurt their earnings soon.

Nvidia's AI chips, like the A100 and H100, are in high demand. These chips help run AI applications, including ones like ChatGPT. Thanks to these chips, Nvidia's data center business made $10.32 billion, which is a 171% increase compared to last year.

Nvidia's gaming business, which used to be their main money-maker, grew 22% this year, bringing in $2.49 billion. However, their graphics-focused business didn't do as well, dropping by 24%. They also reported some growth in their automotive business.

Nvidia’s board has approved $25 billion for share buybacks, and in the recent quarter alone, they bought back shares worth $3.28 billion.