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The artificial intelligence (AI) craze gave share prices of many companies a nice boost this year, which is not surprising since this technology has started moving the needle for many businesses already.
Nvidia (NASDAQ: NVDA) is a prime example of how AI can change a company's fortunes in a short period. The graphics processing unit (GPU) specialist was struggling earlier this year as demand for personal computers (PCs) was weak and its gaming business was on shaky ground.
There has been a sharp turnaround in Nvidia's fortunes over the past couple of quarters as a result of its AI-related efforts. Revenue in the recently reported fiscal 2024 third quarter was up an impressive 206% year over year to a record $18 billion. That topped the 171% year-over-year revenue jump delivered in the second quarter. More importantly, Nvidia anticipates even faster year-over-year revenue growth of 233% in the current quarter to $20 billion.
Source Fool.com
