Nvidia Corporation reported a remarkable 95% increase in revenue for the third quarter of 2024, totaling $35.1 billion and exceeding expectations. The company forecasts an even higher revenue of $37.5 billion for the fourth quarter.
The Data Center segment was a primary growth driver with a 111% year-on-year increase to $30.8 billion. Other sectors, including Gaming, Professional Visualization, and Automotive, also saw growth. The notable demand for AI and Bitcoin mining significantly contributed to this performance.
Nvidia's stock prices surged by nearly 30% during Q3 and have risen by approximately 200% for the year, highlighting its strong market presence. The company remains a dominant player in the GPU mining space with its RTX hardware leading in profitability.
Beyond traditional avenues, Nvidia is exploring new business opportunities, including humanoid robotics, aiming to provide tools for developers to train robots with human-derived data.
However, Nvidia faces regulatory hurdles due to its crypto mining associations. The Department of Justice has initiated an antitrust probe to assess competitive practices. Moreover, a Supreme Court case may lead to a narrow ruling regarding allegations of Nvidia misrepresenting its reliance on crypto mining to shareholders.
