Nvidia, a company that manufactures computer chips essential for artificial intelligence (AI) systems, has projected significant growth in the demand for its products in 2023. The company reported a 101% increase in revenue for the second quarter, reaching $13.5 billion, and a profit of nearly $6.2 billion. Nvidia’s market value exceeded $1 trillion for the first time, due to the excitement and boom of the AI industry. The company predicts sales of $16 billion for the current quarter, almost triple the level of a year ago. This positive performance could have a huge impact on the overall technology industry, and may reignite enthusiasm for technology stocks on Wall Street. Nvidia’s success is attributed to the heavy demand for chips to power AI systems from cloud and other AI computing services. Nvidia’s chips have become crucial components for AI applications. The company’s chip sales for data centers, where most AI training occurs, have become its biggest business, growing 171% to $10.3 billion.
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