Nvidia, the California-based chip designer, has once again achieved a record-breaking quarter, exceeding revenue expectations despite U.S. export restrictions to China. The company’s success is driven by the increasing demand for chips used in artificial intelligence (AI) applications. Approximately 20% of Nvidia’s revenue comes from China, and new limitations are expected to impact this share. 

The third-quarter revenue soared to $18.1 billion, a remarkable increase from $5.9 billion a year ago. Nvidia’s profitability remains robust, with a net profit of $9.2 billion and a gross profit margin of 74%. While the company initially gained prominence in gaming chips, a significant portion of its revenue now comes from providing chips for data centers, crucial for AI models. However, restrictions on exporting advanced chips to China pose challenges, impacting around 20% of Nvidia’s revenue. The company is actively developing a new processor compliant with the U.S. restrictions to continue engaging with the Chinese market. Despite its concentrated customer base and exposure to geopolitical tensions, Nvidia’s stock hit a record high of $505, reaching a market value of over $1.2 trillion. The stock, up by approximately 250% this year, faced a slight dip in after-hours trading following the earnings announcement. Additionally, the Israeli conflict affects Nvidia, which acquired Israeli company Mellanix in 2019. A significant number of Nvidia’s 3,400 employees in the region have been called up for military service due to the ongoing conflict between Israel and Hamas.

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