NVIDIA’s record-breaking Q1 revenue fuels AI, Bitcoin mining convergence

According to the NVIDIA newsroom, NVIDIA achieved a record quarterly revenue of $26 billion in Q1 2024, marking an 18% increase from Q4 2023 and a staggering 262% rise from the same period last year. This growth was significantly driven by its Data Center division, which reported a record revenue of $22.6 billion, up 23% from the previous quarter and an impressive 427% year-over-year increase. Following these impressive results, NVIDIA announced a ten-for-one forward stock split, which will be effective on June 7, 2024.

This news has propelled NVIDIA’s share price above $1,000, with a pre-market trading price of $1,013, reflecting a more than 6% increase, according to Google data.

According to NVIDIA newsroom, Jensen Huang, NVIDIA’s CEO and founder, remarked on the transformative potential of their technology, stating,

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence.”

This surge in NVIDIA’s market presence is influencing various sectors, including publicly traded Bitcoin mining companies, which are now diversifying into AI cloud services. These companies are utilizing NVIDIA GPUs, such as the H100s, to enhance cost and energy efficiency while diversifying revenue streams, demonstrating the convergence between AI and Bitcoin mining.

According to The Kobeissi Letter, NVIDIA has become the third largest publicly traded company globally. It is now only 17% smaller than Apple and surpasses the combined market cap of Tesla and Amazon.

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