Nvidia made no mention of cryptocurrency or crypto mining chips and minimal references to gaming in its latest earnings call released on Aug. 23, as AI dominated the narrative around growth drivers and new offerings.
Based on the frequency and context of mentions, the transcript indicates a greater emphasis on AI than gaming, Nvidia’s core growth area pre-2020. AI now appears to be the primary focus area for Nvidia regarding new products and revenue growth opportunities.
Gaming, or games, was mentioned 11 times during the call, while AI came up more than seven times more frequently at 75. Crypto, blockchain, or mining were not said once.
Nvidia record revenue.
As CryptoSlate reported, NVIDIA saw record revenue of $13.51 billion in Q2 2023, representing triple-digit growth driven primarily by its data center segment.
The transcript reveals Nvidia’s data center revenue grew 171% year-over-year to $10.32 billion, citing surging demand for its HGX systems optimized for training and running large generative AI models.
Nvidia also announced partnerships and products to increase enterprise adoption of generative AI. This includes collaborations with VMware, Snowflake, ServiceNow, and others to enable enterprises to leverage Nvidia’s AI infrastructure and build customized models securely.
The company also unveiled its new L40S GPU targeted at scale-out AI inference workloads beyond its high-end H100 GPUs. With L40S ramping production and broad OEM support, Nvidia aims to address the exponential demand for accelerated computing infrastructure.
As Nvidia’s CEO, Jensen Huang, highlighted, the world is transitioning significantly to accelerated computing and AI-focused platforms. With over $1 trillion in data center infrastructure set to shift in this direction, Nvidia sees multi-year growth driven by its two-decade headstart in accelerated computing and generative AI capabilities.
Nvidia is rapidly innovating its product stack to capture the expanding AI market, introducing new architectures and chips every six months. It aims to achieve significant supply expansion through 2023 to meet the surging global demand.
Meanwhile, Nvidia’s past focus on crypto mining appears to be fading. Its CMP chips for mining saw declining revenue in previous quarters. With no mentions of crypto mining or related products in the latest earnings release, Nvidia seems to be distancing itself from blockchain applications as it rides the generative AI wave.
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Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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