An artificial intelligence (AI)-focused altcoin is skyrocketing as tech giant Nvidia’s profits soar into triple digits.
The AI chipmaker said in a press release detailing Nvidia’s fourth-quarter financial report towed with revenues of $22.1 billion in the fourth quarter, up 23% from the third quarter and 265% from a year ago.
News of Nvidia’s success preceded blockchain-based decentralized AI marketplace SingularityNET (AGIX), which rose about 45% in 24 hours, from a price of $0.506 on February 21 to trading at $0.738 at the time of to write.
“Nvidia today reported fourth-quarter revenue ended January 28, 2024 of $22.1 billion, up 22% from the prior quarter and up 265% from a year ago.
For the quarter, GAAP (generally accepted accounting practices) earnings per diluted share were $4.93, up 33% from the prior quarter and up 765% from a year ago. Non-GAAP earnings per diluted share were $5.16, up 28% from the prior quarter and up 486% from a year ago.”
The data also shows that Nvidia made a profit of $12.3 billion in the fourth quarter, up a whopping 769% year over year.
As Jensen Huang, founder and CEO of Nvidia, says in the press release:
“Accelerated computing and generative AI have reached the tipping point. Demand is increasing across companies, industries and countries worldwide.
Our data center platform is driven by increasingly diverse factors: demand for data processing, training and inference from major cloud service providers and GPU specialist providers, as well as from enterprise software and consumer internet companies.
Vertical industries – led by automotive, financial services and healthcare – are now at multi-billion dollar levels.”
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Generated image: Midjourney