The American giant Nvidia confirmed this Wednesday night the strength of technology stocks after presenting quarterly revenues of 24,000 million dollars in the fourth quarter of 2023, above the analysts’ projection, which placed them around 21,900 millions. The company expected 20.00 million and it was one of the points that the market would look closely at.
Tripling the income from the same quarter of the previous year, it is confirmed that the appetite of companies for AI is consolidated and Nvidia is one of the great beneficiaries. For the year as a whole, it recorded its best figures due to the growing demand around AI: an accumulated profit of 29,760 million dollars, or 27,508 million euros, 581% more than in 2022; and a turnover of 60,922 million dollars, 126% more.
These results will strongly boost its shares and the value of components related to the development of artificial intelligence, such as its chips and accelerators. Nvidia shares catapulted above 10% in trading after the market closed, later moderating to 7%.
The firm has appreciated 36% on the stock market so far this year, increasing its capitalization by more than 400,000 million dollars, reaching a value of 1.67 trillion.
“Accelerated computing and generative AI have reached the tipping point,” said the company’s founder and CEO, Jensen Huang, in the statement released last night by Nvidia. Demand is increasing around the world in companies, industries and countries.”
“The market considers Nvidia’s results a barometer of artificial intelligence,” highlighted Stephen Innes, partner at SPI Asset Management. Such is its impact that Goldman Sachs has called it “the most important stock on the planet.”
