Nvidia has released record financial results for the third quarter of fiscal year 2024.

The third quarter ended on October 29, with revenues of $18.12 billion, an increase of 206 percent on the previous year and 34 percent up from the last quarter. This represents a GAAP gross margin of 74 percent and non-GAAP of 75 percent.

– Nvidia

The growth is driven by the company's data center business which reported a revenue of $14.41 billion, up 41 percent from the last quarter and 279 percent from the same quarter last year.

Highlights for this unit include the launch of the new H200 Tensor Core GPU, and sales of the GH200 Grace Hopper Superchip to more than 40 new supercomputers - including the Jupiter system at Jülich Supercomputing Centre and Isambard-AI at the University of Bristol.

Nvidia has also made numerous deals made with cloud providers including Google Cloud Platform, Microsoft Azure, and Oracle Cloud Infrastructure, many of which will deploy new Nvidia-based instances.

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of Nvidia.

“Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries."

Nvidia is predicting fourth quarter revenue of $20bn, plus or minus two percent, with the GAAP and non-GAAP gross margin expected to be 74.5 percent and 75.5 percent respectively.