Nvidia Reports Record Third Quarter Revenue of $18.12 Billion, Credits AI Hardware Sales for Growth

Nvidia has reported a record third quarter revenue of $18.12 billion, with a market cap of $1.22 trillion. The company's earnings have increased by 34% over the last quarter and 206% over Q3 2022. Nvidia's CEO, Jensen Huang, attributed the growth to AI hardware sales, with AI startups, consumer internet companies, and cloud service providers being the "first movers." However, the recent partial ban on chip exports to certain countries, including China, may cause the company's business in China to decline significantly in the fourth quarter, but Nvidia believes those losses will be offset by strong growth in other regions.