Since ChatGPT grabbed the world’s attention late last year, tech companies have been hyping the technology’s ability to make them much richer — but without putting an exact dollar figure on it.Nvidia NVDA, -0.49% Chief Financial Officer Colette Kress stunned Wall Street with guidance for a record $11 billion in quarterly revenue Wednesday afternoon, a sales total that the company did not surpass in a full year for the first 25 years it was public.
“It is the app of all apps, whether you are an enterprise, a [cloud services provider], or a pioneer building large language models, you can visualize how to use generative AI, and the underpinnings of generative AI is our platform,” Kress told MarketWatch. The forecast suggests a sudden leap in sales — Nvidia reported quarterly revenue of $7.19 billion for the fiscal first quarter, and analysts on average were forecasting roughly that same amount for the fiscal second quarter ahead of Wednesday’s report.
Many on Wall Street have noted in recent months that Nvidia is among the best-positioned companies to reap the potential rewards of generative AI in the wake of the ChatGPT boom, but even analysts who follow the company closely were stunned by the forecast.
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