NVIDIA reports record $13B revenue in Q2 2023 as AI tech industry booms NVIDIA reports record $13B revenue in Q2 2023 as AI tech industry booms
The company made no mention of its crypto mining chips in this quarter's report.
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Updated: Aug. 24, 2023 at 1:26 am UTC
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NVIDIA reported record revenue in its latest earnings report on Aug. 23.
The chip giant revealed that it brought in a record-breaking $13.51 billion in revenue in Q2 2023, up 101% from one year ago and up 88% from last quarter.
Furthermore, NVIDIA suggested that the majority of those earnings were due to revenue in its data center category. That category, which includes many of its artificial intelligence (AI) technologies, brought in a record $10.32 billion in revenue over Q2 2023. That number is up 171% from one year ago and up 141% from the last quarter.
The company also emphasized its growing focus on generative AI and accelerated computing. Jensen Huang, founder and CEO of NVIDIA, said:
“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI. … NVIDIA GPUs … make up the computing infrastructure of generative AI.”
Huang added that “the race is on to adopt generative AI,” drawing attention to various AI-focused developments and partnerships involving NVIDIA and its products.
The company went on to describe several recently announced chips with AI applications, as well as AI-related partnerships with companies such as VMWare, ServiceNow, Accenture, and SoftBank. It also highlighted its NVIDIA Avatar Cloud Engine, intended to create video game characters capable of conversation, and a partnership with MediaTek, which in part concerns AI for automotive systems.
Crypto mining takes a back seat
NVIDIA previously became notable in the blockchain sector for its involvement in crypto mining. In 2021, it introduced a line of GPUs called Cryptocurrency Mining Processors (CMPs), which are exclusively intended for use in cryptocurrency mining.
However, NVIDIA has faced controversies around its crypto business. When NVIDIA introduced its CMP chip, it also limited the mining abilities of non-CMP chips. Then, in 2022, the SEC fined NVIDIA for failing to disclose how mining affected its gaming business. One NVIDIA executive has notably criticized crypto, stating it adds nothing to society. Those controversies coincide with a minimal focus on crypto recently.
In fact, NVIDIA’s latest report makes no mention of crypto mining at all. Past reports suggest that sales of CMP chips are on the decline: in a May 2022 SEC filing, the firm said that CMP quarterly revenue was “nominal” and down from $155 million.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Nvidia Corporation is a multinational technology company based in Santa Clara, California, that was founded in Delaware.