Nvidia, a leading US tech firm, has reported a doubling in quarterly revenue, surpassing expectations due to the growing demand for AI technology. The company's stock price surged and it announced a $25 billion share buyback. Nvidia's success is attributed to its data center business and generative AI technologies, which have gained traction across various industries. Despite challenges in meeting GPU demand, Nvidia remains optimistic about future growth driven by AI technology. The company's strong performance has also had a positive impact on other tech stocks and AI-related companies.
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This is the gold rush stage of AI.
The richest are the merchant selling hardware to the gold miners. Not the miners themselves.