Nvidia’s Revenue Soars as AI Chip Demand Outpaces Hardware Sales Decline

– Nvidia’s revenue more than doubled in the latest quarter.
– The company reported revenue of $13.51 billion for the second quarter, up from $6.7 billion in the same period last year.
– Nvidia projected sales of $16 billion for the current quarter.
– Nvidia’s stock market value has more than tripled this year to about $1.2 trillion.
– Wall Street analysts had anticipated revenue of about $11.15 billion for the latest quarter.
– Taiwan Semiconductor Manufacturing Company predicted that demand for AI server chips would grow almost 50% annually for the next five years.
– The share of AI servers in the overall server market is expected to rise from 7% in 2020 to about 20% in 2027.