An artificial intelligence (AI)-focused altcoin is skyrocketing as tech giant Nvidia’s profits leap by triple digits.
According to a press release detailing Nvidia’s Q4 financial report, the AI chipmaker hauled in a revenue of $22.1 billion during Q4, up 23% from Q3 and 265% from a year ago.
News of Nvidia’s success preceded blockchain-based decentralized AI marketplace SingularityNET (AGIX) jumping about 45% in 24 hours, going from a price of $0.506 on February 21st to trading for $0.738 at time of writing.
“Nvidia today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.
For the quarter, GAAP (generally accepted accounting practices) earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.”
The data also reveals that Nvidia profited $12.3 billion during Q4, up a staggering 769% year over year.
As stated by Jensen Huang, founder and chief executive of Nvidia, in the press release,
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.
Our data center platform is powered by increasingly diverse drivers – demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies.
Vertical industries – led by auto, financial services and healthcare – are now at a multibillion-dollar level.”
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