AI chipmakerThe bumper earnings were 88% higher than the previous quarter and up 101% on-year.
One jubilant analyst made a bold call: He thinks Nvidia will be the "most important company to civilization" in the next decade. thanks to robust demand for its artificial intelligence, or AI, chips, sending its share price surging. of $13.51 billion — 88% higher than the previous quarter and up 101% from a year ago.Nvidia will be the "most important company to civilization" over the next five to 10 years because every enterprise company will be reliant on the chipmaker directly or indirectly.
Even Daniel Ives, an analyst at Wedbush Securities, gushed in a tweet: "It's all about AI demand and use cases. The rest of tech will see this unprecedented spending wave not seen since 1995 over the coming years but Nvidia is on the front lines and the best barometer of true spending. This is NOT hype, it's jaw dropping spending happening NOW."The bumper results excited investors so much that they sent Nvidia's stock up 3.2% to close at $471.16 apiece on Thursday.
Dessai added there are other opportunities for AI chips as they eventually make their way into other products including smartphones, laptops, cars, and medical devices.