Nvidia announced robust financial results for the fourth quarter of the fiscal year 2024, surpassing analysts' expectations with revenues reaching $22.1 billion, a year-on-year growth rate of 265%. This was primarily driven by strong sales in its AI chips, especially due to vigorous sales of server-use AI chips, notably the company's "Hopper" chip, such as the H100. Data center business revenue also reached $18.4 billion, with a growth rate of 409%, and more than half of the revenue came from major cloud service providers, highlighting the strong and ongoing demand for Nvidia's data center chips and GPUs.
Nvidia's Chief Financial Officer Colette Kress said in a call with analysts, "We are pleased that the supply of our Hopper architecture products is improving. The demand for Hopper remains very strong. We can expect our next-generation products to be supply-constrained due to demand far exceeding supply." Driving this demand includes large purchases by major corporations, such as Meta Platforms, which plans to deploy hundreds of thousands of Nvidia's H100 GPUs by the end of 2024. Nvidia's CEO, Jen-Hsun Huang, emphasized the intense global demand for AI-enabled hardware, stating that AI represents the rebirth of the industry. The company's performance and outlook reflect Nvidia's key role in the development of AI technology, with its products being widely relied upon by companies across various industries to develop new AI products and functionalities.
Nvidia's performance has had a significant positive impact on related cryptocurrencies, especially the RNDR coin, which is closely associated with AI. The price of RNDR coin increased after Nvidia announced strong financial results, benefiting from Nvidia's better-than-expected performance and the growing interest among investors in companies poised to profit from the AI boom, particularly GPU manufacturers like Nvidia. As the first crypto project focused on establishing a decentralized GPU leasing economy, RNDR has drawn attention amid the hype around GPU-related companies. Moreover, the price of RNDR, which was introduced by this editor on January 2nd at $4.6, has risen to $6.83, marking a 48% increase.
Overall, Nvidia's latest financial results have not only strengthened its leadership position in the AI field, but also had a positive impact on RNDR tokens and the related cryptocurrency market, further confirming the close connection between cryptocurrencies and emerging technology trends.
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