Nvidia's stock soars 15% with record revenues

ISTANBUL

The stock price of US-based global chipmaker Nvidia soared more than 15% on Thursday, one day after posting record quarterly and full-year revenues with booming demand for artificial intelligence (AI).

Nvidia stock price climbed to $777.71 at 11.08 a.m. EDT for a daily gain of 15.26%, after closing Wednesday at $674.72.

The company's market value was just shy of the $2 trillion milestone at around $1.92 trillion.

Nvidia surpassed Alphabet on Feb. 14 to become the third most valuable publicly traded company in the US, one day after surpassing Amazon.

The steep increase in stock price came after the company posted late Wednesday a record revenue of $22.1 billion in the fourth quarter that ended Jan. 28, up 265% from $6.05 billion in the same period of the previous year.

Total revenue for the full fiscal year of 2024 came in at a record $60.9 billion -- up 126% from almost $27 billion in the full fiscal year 2023.

The California-based company said it saw record quarterly Data Center revenue of $18.4 billion, which soared 409% from the same period of the previous year.

Full-year Data Center revenue, in addition, rose 217% during the same period to a record $47.5 billion, said the statement.

Net income, meanwhile, soared a massive 769% to almost $12.3 billion in the fourth quarter that ended in January from approximately $1.4 billion in the same period last year.

While more than 40,000 firms use Nvidia's graphics processing units (GPUs) for AI, its products are used by data scientists, application developers and software engineers that work with generative AI.