What just happened? Nvidia reported record sales and a massive revenue spike for the fiscal year 2024 that were fueled by the global AI boom. The company's total earnings for the final quarter of 2023 came in at $22.1 billion, marking a 22 percent increase from the previous quarter and a staggering 265 percent rise over the same period in 2022.

The results far exceeded the consensus forecast by Wall Street analysts and helped the company's total annual revenue hit $60.9 billion, a 126 percent increase over 2022. Thanks to the skyrocketing revenues and healthy profit margins, Nvidia's earnings per share (EPS) also improved drastically, with GAAP EPS hitting $11.95, up 586 percent from the previous year. Non-GAAP EPS came in at $12.96, marking a 288 percent increase over 2022.

The majority of the growth came from the company's AI-driven initiatives within the Data Center platform, which generated $18.4 billion in revenues. The numbers represent a 27 percent increase from Q3 and an eye-watering 409 percent growth over the same period in 2022. With so much cash to burn, Nvidia announced plans to pay a quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.

In a statement, Nvidia founder and CEO Jensen Huang said, "Accelerated computing and generative AI have hit the tipping point," increasing demand for GPUs across multiple industries and geographies. The company's GPUs have become the go-to platform for generative AI, resulting in sustained high GPU prices that are infuriating gamers worldwide.

Huang also teased Nvidia's upcoming products, stating that the company plans to introduce "major new product cycles with exceptional innovations" this year. He revealed that more details about the company's future product roadmap will be announced at next month's GPU Technology Conference (GTC), where he will give a keynote speech on March 21.

According to an earlier announcement from Nvidia, the upcoming GTC will cover "AI, the metaverse, cloud technologies, and sustainable computing," but there's no official word on whether the company will have anything in store for gamers. That being said, rumors suggest that the RTX 4070 might debut in late April, so it will be interesting to see if the company reveals something about it at next month's event.