Nvidia Corp (NASDAQ-NVDA) released its second quarter earnings results on 8/28/2024. The company reported record quarterly revenue, which increased 122% year-over-year to $30.0 billion. The largest increase was in data center sales. Record quarterly data center sales were $26.3 billion, an increase of 154% year-over-year! The company’s gross profit increased 138% year-over-year to $22.574 billion. Excluding all expenses, the company’s net profit was 168% higher year-over-year at $16.599 billion. These facts have intrigued investors to buy shares of Nvidia Corp (NASDAQ-NVDA) specifically, which also recently revealed improved generative AI that will be delivered in new chips. In Denver, CEO Jensen Huang described the company’s role in developing AI, as well as chips and hardware in the world. For example, the company is currently making AI services and models available to help robot makers accelerate the development of humanoid robots to help researchers teach robots how to perform certain tasks using devices such as Apple’s Vision Pro virtual glasses. The company also recently revealed at a conference in Denver, a future collaboration between Nvidia and Facebook in the areas of graphics and virtual environments.
Nvidia Corp (NASDAQ-NVDA) also revealed improved generative artificial intelligence that will be included in the new chips. In Denver, CEO Jensen Huang described the company’s role in AI and chip and hardware development around the world. For example, the company is currently making AI services and models available to help robot makers speed up the development of humanoid robots and help researchers teach robots to perform certain tasks using devices such as Apple’s Vision Pro virtual glasses. The company also recently revealed future collaborations between Nvidia and Facebook on graphics and virtual environments at a conference in Denver.
The company has been in decline since June 18, when its value topped $3.3 trillion – the highest of any public company. As the U.S. economy begins to show some signs of stress, investors have become skeptical of the dizzying valuations of Nvidia and other AI stocks. Securities traders worry that a potential weakening economy could make companies think twice before investing in a promising but still risky and unproven technology.
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