CEO Jensen Huang tells analysts that activity around Nvidia's AI infrastructure "has gone through the roof" since the public debut of Open AI's...
Nvidia Corp. rolled over a financial speed bump and now it has a lot of open road ahead, fueled by its expertise and products in artificial intelligence.
Nvidia NVDA reported better-than-expected fourth-quarter results Wednesday, but detailed a second consecutive quarter of year-over-year sales declines as the chip maker deals with a sudden slowdown in demand for its graphics chips. The forecast ahead, though, looks brighter, as Chief Financial Officer Colette Kress said that “the impact of channel inventory correction … is largely behind us.”
Analysts were expecting first-quarter revenue to fall about 24% from last year, to $6.3 billion, but Kress gave an outlook for revenue to come in at $6.5 billion, plus or minus 2%. That puts Nvidia on track to live up to Wall Street’s expectations and return to revenue growth in the fiscal second quarter, which would end this downturn quicker than the “crypto hangover” of 2019, when revenue declined four consecutive quarters.
And while investors wait for that, Nvidia executives had a sweet carrot to dangle in front of them: artificial-intelligence revenue. Chief Executive Jensen Huang told analysts on a conference call that activity around Nvidia’s AI infrastructure “has gone through the roof” since the public debut of Open AI’s ChatGPT, a generative AI chatbot still in testing.
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