Nvidia also overtook Elon Musk’s Tesla as Wall Street's most-traded stock in the United States over the last 30 trading sessions.
Nvidia, one of the biggest producers of graphics processing units (GPUs), reported a 265% year-on-year increase in revenue amid rising global demand for artificial intelligence (AI) equipment.
According to the latest fourth-quarter financial results, Nvidia recorded revenue of $22.1 billion in Q4, up 22% from Q3 and 265% from the prior year period. Jensen Huang, founder and CEO of Nvidia, attributed the drive in sales to the surge in the global demand for accelerated computing and generative AI. The chipmaker currently boasts a market capitalization of $1.67 trillion.
The results come as Nvidia has overtaken Elon Musk’s Tesla as Wall Street’s most-traded stock. About $30 billion worth of Nvidia shares were moved among traders in the last 30 trading sessions, which averaged roughly $22 billion for Tesla in the same timeframe, according to a Reuters report.
