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- NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B
NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B
Bay Area Times
May 23, 2024
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Top stories today:
- NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, net income at $14.9B
- Groq in talks to raise $300M at potential $3B+ valuation
- Pro-crypto FIT21 bill passes in House by 279-136
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B
Guidance of $28.0B (2% margin of error) for Q2.
QoQ growth would slow to a still impressive 8%, from 18% this quarter.
10:1 stock split announced.
Stock +7% in the pre-market to $2.5T market cap.
#3 largest company in the world.
The big question: until when can NVIDIA enjoy monopoly-like profit margins? AMD, Intel, Microsoft, Google, Meta, and Apple are all developing AI chips as we speak.
2. Groq in talks to raise $300M at potential $3B+ valuation
Groq is seen today as the fastest and cheapest way to run open source models like Llama 3, due to its LPU chips, designed specifically for AI inference:
Morgan Stanley has been hired.
Previously raised $367M+ from Tiger, D1, and others at $1B+.
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4. Pro-crypto FIT21 bill passes in House by 279-136
CSPAN.