A Case Study Report on

“Navigating the Ascent : Analyzing Nvidia’s Meteoric Rise to a $2 Trillion Valuation in One year”

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD

OF DEGREE OF MASTER OF BUSINESS ADMINISTRATION
MBA
(MARKETING MANAGEMENT)
Submitted By:
PRATIK DHAWAS
HRD2219199

Under the guidance of

Dr. Amar Yedke

BALAJI INSTITUTE OF MANAGEMENT AND HUMAN RESOURCE

DEVELOPMENT (BIMHRD)
ACADEMIC YEAR 2022-24
 DECLARATION

I Pratik Dhawas (HRD2219199) student of Semester -IV, solemnly declare that this case
study paper titled “Navigating the Ascent: Analyzing Nvidia’s Meteoric Rise to a $2 Trillion
Valuation in One year” has been entirely prepared by me and does not involve plagiarism.

I affirm that this work is my own, and it has not been previously published or submitted
elsewhere for academic or professional purposes.
I further declare that I have completed this work under the guidance of Dr Amar Yedke
who has supervised and aided throughout the process.

Pratik Dhawas
HRD2219199

Date:
 TABLE OF CONTENTS

Sr. No. Title Page No.

1 Executive Summary

2 Introduction

3 Main Content

4 Analysis

5 Recommendations

6 References

7 Plagiarism Report
Executive Summary

Nvidia Corporation, headquartered in Santa Clara, California, has experienced a meteoric rise, achieving
a remarkable milestone of reaching a $2 trillion valuation within just one year. Founded in 1993, Nvidia
initially focused on providing cutting-edge graphics solutions for gaming. Over the years, the company
transitioned into diverse industries, including data centers, automotive, and healthcare, leveraging its
innovative products and solutions.

Nvidia's strategic initiatives and technological innovations have been instrumental in driving its growth
trajectory. The company's relentless focus on GPU technology, coupled with strategic diversification into
high-growth markets such as AI, data centers, and autonomous vehicles, has propelled its success. Key
acquisitions, including Mellanox Technologies and ARM Holdings, have enhanced Nvidia's capabilities
and market position.

The company's revenue streams encompass gaming GPUs, data centers, automotive solutions,
professional visualization, and intellectual property licensing. Nvidia's strong brand reputation, culture of
innovation, and strategic partnerships have contributed to its market leadership and industry
recognition.

Financially, Nvidia's robust performance is evident from its Q4 fiscal year 2024 results, with record-
breaking revenue, operating income, and net income. The company's gross margin improvement and
successful expansion into international markets underscore its financial strength and global presence.

Nvidia's journey to a $2 trillion valuation exemplifies the power of strategic diversification, technological
innovation, and customer-centricity. To sustain its growth momentum, Nvidia should continue
diversifying its revenue streams, investing in innovation, strengthening strategic partnerships, addressing
employee turnover, and adapting to changing customer preferences.
Introduction

Nvidia, headquartered in Santa Clara, California, is an American company renowned for

its GPUs tailored for gaming, professional use, as well as chips serving the smartphone
and automotive sectors.
Established in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, Nvidia has
been instrumental in revolutionizing diverse industries like gaming, data centers,
automotive, and healthcare through its innovative products and solutions.
Nvidia originally focused on offering state-of-the-art graphics and video solutions for gaming. The NV1
was the company's initial product, a multimedia accelerator that improved PC and gaming console
graphics performance. Then, in 1999, Nvidia unveiled the GeForce 256 GPU, reaching a major turning
point and solidifying its leadership position in the graphics industry.

Transitioning towards AI and deep learning in the mid-2000s, Nvidia capitalized on this
burgeoning field. It was the driving force behind the creation of CUDA, a parallel computing platform
and programming style that enables developers to use Nvidia GPUs for a wide range of computing
applications, including AI and machine learning.

Nvidia is a technology firm specializing in the design and production of graphic

processing cards (GPUs) utilized across various sectors such as gaming and professional
visualization. As reported by Nasdaq Insights, approximately 87% of the company's
revenue stems from this segment.
Employing parallel processing architecture, Nvidia's GPUs excel in managing multiple
tasks concurrently, rendering them exceptionally adept at handling computationally
demanding operations. Moreover, Nvidia's platform is essential for developing state-of-the-art
processors, systems, and software for tomorrow's AI-driven industries.

An integral component of this platform is the NVIDIA GPU Cloud (NGC), offering an
extensive array of software tools, containers, and SDKs geared towards the development
and deployment of AI applications within cloud environments.

NVIDIA's strategic focus on GPU technology, in contrast to prevailing CPU technology, played a
pivotal role in establishing both its market differentiation and competitive advantages. Whether
by design or inherent capacity and continuous improvement, GPU technology excels at parallel
processing, leveraging multiple cores to enable simultaneous execution of multiple processes.
In contrast, CPUs rely on serial processing, necessitating the completion of one process before
the next can commence.

By dedicating its research and production efforts to GPUs, NVIDIA made significant strides in
chip capacity within the semiconductor industry. Moreover, NVIDIA was able to expedite its
chip manufacturing process, achieving a remarkable milestone of producing a new chip every
six months, as opposed to the historical industry average of 18 months. This accelerated
production cycle not only provided NVIDIA with a competitive edge but also empowered the
company to swiftly incorporate and enhance new technologies through substantial investments
in research and development.

Key products in NVIDIA's portfolio include:

- GeForce GTX and RTX series: Primarily utilized in gaming and professional workstation
applications.

- NVIDIA A and H series and DGX systems: These products support artificial intelligence (AI)
and data center applications.

- NVIDIA Tegra series: Specifically designed for small devices such as automotive components,
smartphones, and handheld electronics.
 - NVIDIA Mellanox ConnectX SmartNICs and Quantum InfiniBand: GPUs employed in cloud
applications, data storage, and machine learning.

- CUDA, AI Enterprise, and DRIVE: Tailored GPU solutions catering to software developers,
with DRIVE specifically designed for developers of self-driving car software.

Through these product offerings and technological innovations, NVIDIA has solidified its
position as a leader in GPU technology, catering to a diverse range of applications and
industries.

Main Content

Nvidia's primary revenue stream stems from the sale of GPUs, which contributes approximately
87% of its total revenue. However, the tech giant boasts diverse revenue sources beyond GPU
sales. Here's an overview of how Nvidia generates revenue:
(Source: https://businessmodelanalyst.com/)

Fig. Revenue from 2012 – 2022

1. Selling GPUs for the Gaming Market: Nvidia dominates the gaming GPU market, with players all
across the world depending on its powerful GPUs to improve their gaming experiences. Through retail
channels, the company sells its premium GPUs directly to customers.

2. OEM and Intellectual Property (IP) Licensing: Nvidia receives a sizable amount of its cash from
licensing its priceless intellectual property to other businesses, even though this is not its main source of
income. This highly sought-after intellectual property is used in a variety of businesses, such as data
centers, gaming, and the automobile industry. The expected quarterly revenue from cross-licensing and
royalty payments is $66 million.

3. Data Centers: Nvidia's data center business is another key revenue generator. The company serves AI
and high-performance computing (HPC) applications by offering hardware solutions to major cloud
providers including Microsoft, Amazon, and Alibaba. Nvidia's data center sales overtook gaming
revenue in 2021, a sign of the industry's increasing need for AI and HPC technology.

4. Automotive: Nvidia capitalizes on the automotive industry by offering advanced AI and GPU
technologies for autonomous vehicles. This includes in-car computing systems, autonomous technology,
and end-to-end solutions encompassing frameworks, software toolkits, and data center infrastructures.
5. Professional Visualization: Nvidia's professional visualization business depends on the selling of
GPUs designed for high-performance computing requirements, building on the company's success in
gaming GPUs. Workstations, servers, and data centers are powered by these GPUs, which enable
programs like CAD, VR, simulation, and rendering. A major source of income for Nvidia is the Quadro
brand of graphics cards, which is intended for high-end professional users such as designers and
engineers.

Nvidia Competitors
 • AMD: Known by its former name, Advanced Micro Devices, AMD is a significant participant
in the technology sector and a fierce rival of Nvidia. AMD has made a name for itself as a serious
competitor to Nvidia, especially when it comes to high-performance computing and gaming
GPUs.

 • Intel: With its headquarters located in California, Intel is a global American computing firm.
Similar to Nvidia, Intel is a major chip designer and producer. NVIDIA is primarily focused on
creating technology related to high-performance computing and artificial intelligence, whereas
Intel offers a variety of computing solutions, such as server processors, FPGA accelerators, and
CPUs for desktop and laptop computers.
 • Qualcomm: Qualcomm is a well-known American manufacturer of semiconductors and telecom
gear. They create and promote goods and services for wireless telecommunications. While
Nvidia's primary business is high-performance computing, Qualcomm concentrates mostly on
developing processors for mobile devices. In the semiconductor business, both companies are at
the forefront of technological development.

Nvidia has grown rapidly in recent years thanks to its intentional diversification into high-growth
industries including artificial intelligence (AI), data centers, autonomous vehicles, and professional
visualization, as well as its fundamental strengths in GPU technology.
With a relentless focus on innovation and market expansion, Nvidia successfully capitalized on emerging
opportunities, cementing its position as a technology powerhouse.

Key Initiatives and Strategies:

1. Expansion into High-Growth Markets: Nvidia strategically diversified its product portfolio beyond
gaming GPUs into lucrative sectors such as data centers, AI, autonomous vehicles, and professional
visualization. By leveraging its GPU technology for various applications, Nvidia tapped into new revenue
streams and accelerated its growth trajectory.

2. Technological Innovation: Nvidia's commitment to innovation played a crucial role in its journey to a
$2 trillion valuation. The company continuously pushed the boundaries of GPU technology, introducing
groundbreaking advancements in architecture, performance, and efficiency. Nvidia's GPUs became
synonymous with high-performance computing, driving demand across industries.

3.Strategic Partnerships and Acquisitions: Nvidia forged strategic partnerships and made targeted
acquisitions to bolster its market position and expand its capabilities. Notable acquisitions, such as
Mellanox Technologies and ARM Holdings, provided Nvidia with key technologies and intellectual
property, enabling it to offer comprehensive solutions and enhance its competitive advantage.
4.Focus on AI and Data Center Solutions: As demand for AI and data center solutions surged, Nvidia
capitalized on this trend by offering GPU-accelerated computing platforms tailored for AI training,
inference, and high-performance computing workloads. By powering leading cloud providers and
enterprises with its data center solutions, Nvidia solidified its position as a key enabler of the AI
revolution.

Milestones and Achievements:

1. Financial Performance: Nvidia's robust financial performance, characterized by sustained revenue

growth, expanding profit margins, and strong cash flows, propelled its market capitalization from $1
trillion to $2 trillion. The company's ability to consistently deliver strong results and exceed market
expectations instilled confidence among investors, driving its valuation higher.

2. Market Leadership and Industry Recognition: Nvidia's leadership in GPU technology and its
contributions to transformative technologies like AI and autonomous driving garnered widespread
recognition and market acclaim. As a trusted partner for leading companies and institutions worldwide,
Nvidia solidified its reputation as a technology innovator and market leader.

3. Global Expansion and Market Penetration: Nvidia's strategic expansion into international markets and
relentless focus on customer engagement and satisfaction contributed to its rapid growth and market
penetration. By establishing a strong presence in key regions and industries, Nvidia capitalized on global
opportunities and unlocked new growth avenues.
Business Model

Nvidia Customer Segments

Professionals who employ visual aids in their job and gamers make up the majority of Nvidia's
clientele. Nvidia's solutions are utilized by many other professions, as will be discussed below.
• Gamers: Nvidia's largest and most important consumer category consists of gamers. Top-tier hardware,
particularly GPUs, is essential for professional gamers to enjoy fluid gameplay and breathtaking
graphics.
And not only that, but this company’s gaming customers go beyond individual
gamers as gaming events organizers, esports teams, and content creators use
Nvidia’s graphics solutions for live-streaming, video editing, and content
creation;

 Professionals who use visualization tools, including engineers and

artists: Professionals from diverse domains, such as engineers and artists, also rely on
Nvidia’s powerful graphic tools to give them advanced visual computing solutions,
bringing their creative work to life;

Data Centers: Nvidia’s hardware and chip-based solutions have become an essential technology
for data centers. The business is a dependable partner for data centers, offering highly scalable
technology that enable operators to reach new standards for computing performance;

 • Automakers: Nvidia has become a significant force in the automobile sector. The tech behemoth
powers in-car infotainment systems, driverless cars, and advanced driver assistance systems
(ADAS). To create safer, smarter, and more connected cars that transform driving, automakers
rely on Nvidia's artificial intelligence (AI) and high-performance computing (HPC) expertise and
 technologies;

• Professionals in the AI sector: Data scientists, researchers, developers, and other professionals
in the field make up a vital portion of Nvidia's clientele. Being a top supplier of high-performance
GPUs and AI computing solutions, Nvidia has established itself as a vital resource for experts in
the field of artificial intelligence who need strong, scalable hardware for their intricate
computational requirements.

Nvidia Value Propositions

Nvidia value propositions consist of:

 • Nvidia's GPUs provide unparalleled visual performance for gamers: Real-time rendering of
breathtaking images is one of Nvidia's main advantages. Nvidia GPUs can now realistically
mimic the behavior of light thanks to innovations like ray tracing. Among the immersive
outcomes that gamers seek are realistic lighting, shadows, and reflections in virtual surroundings;
 For content creators, Nvidia offers powerful graphic solutions, like powerful
rendering capabilities that enhance the delivery of content: Nvidia offers a range of
powerful graphics solutions that are especially useful for content creators who need to
render videos with complex graphics;

 For Event Organizers and E-sports Teams, Nvidia offers world-class and scalable
solutions for gaming events: Nvidia’s solutions include high-performance graphics
cards, GPUs, and software tools that can help event organizers and e-sports teams
deliver enhanced gaming experiences to their audiences;

 For automakers, Nvidia offers in-car computer operators, autonomous technology,

end-end solutions including frameworks, software toolkits, data center
infrastructures: Nvidia’s in-car computer platforms, such as the Nvidia DRIVE platform,
provide automakers with the processing power and software capabilities they need to
create advanced infotainment systems, driver assistance features, and autonomous
driving capabilities.

Nvidia Channels

 Nvidia channels consist of:

Official Website

 Stores

 Retailers and Partnership outlets

Nvidia Customer Relationships

Nvidia customer relationships consist of:

 Phone

 Email
  Live chat, through their official website

Nvidia Revenue Streams

The following are Nvidia's income streams: • Gaming chip sales
• Offering expert graphics cards for visualization for sale
• Ownership rights and intellectual property rights from its OEM
• Provision of data centers and hardware for cloud computing
• Providing frameworks and software toolkits for the automobile industry

Nvidia Key Resources

Nvidia key resources consist of:

 Highly skilled and talented employees;

 Global brand reputation, especially among gamers and professional using visualization
tools;

 Strong research and development (R&D) capabilities;

 Intellectual Property (IP) — Nvidia has a wide variety of patents and trademarks, which it
uses to protect its technology and intellectual property rights.

 Industry-leading GPU Technology.

Nvidia Key Activities

Nvidia key activities consist of:

 Research and development, which includes high-performance graphics processing; units

for gaming, AI, data centers, autonomous vehicles, and professional visualization

 Manufacturing of GPU chips;

 Collaboration with partners and customers in various industries.

Nvidia Key Partners

Nvidia key partners consist of:

 Microsoft

 Zvision

 Siemens

 Oracle

 Foxconn

 Volvo

 Intel
Nvidia Cost Structure
Nvidia cost structure consists of:

 Selling, general, and administrative;

 Research and development;

 Stock-based compensation;

 Taxes;

 Operating expenses, including licensing fees, intellectual property royalties.

Nvidia SWOT Analysis

Nvidia Strengths
Solid and stable leadership: Unlike most tech companies, Nvidia has been led by its CEO, Jensen
Huang, for over two decades. Despite taking the company public, he continues to own a sizable stake in
the business as an individual stakeholder.

But more relevant to this point, Nvidia has been led by one person for a long
time. This gives the business a certain level of stability.

 . And not only that, but Huang’s leadership style has been described as
visionary and innovative;

A strong brand reputation that resonates well with its audience: Nvidia has a long history of
flooding the market with high-quality graphics cards that many professionals, including gamers,
use. These goods are renowned for their outstanding dependability and efficiency, which has assisted the
business in gaining the confidence of its clients.
  • A creative and innovative culture: Nvidia has been revolutionising the gaming industry for
decades with its high-performance graphics processors.
 But beyond gaming, Nvidia’s innovations have also helped advance other industries,
including AI, robotics, and autonomous vehicles;

 Highly skilled workforce: Nvidia’s workforce is one of the most talented and
knowledgeable in the tech industry. And not only that, but the tech giant has a
reputation for hiring and retaining top talent. This is reflected in the quality of its
products and services;
• Robust distribution network and dealer community: A combination of smaller, niche resellers and
major international companies make up Nvidia's dealer community. As a result, Nvidia can reach a
variety of clientele and market areas.
Additionally, the business has developed ties with major retailers like Best Buy, Newegg, and Amazon
that contribute to the increased availability and awareness of Nvidia products;

• Intellectual Property Rights: To safeguard its intellectual property, Nvidia maintains a robust portfolio
of trademarks, patents, and copyrights. The company's success depends on a number of essential
technologies, including software tools, graphics processing units (GPUs), and artificial intelligence (AI)
technologies. They provide Nvidia with a competitive edge, making it difficult for rivals to copy or
imitate its goods and services.

Nvidia Weaknesses

 High employee turnover compared to its competitors: Nvidia has struggled with high
employee turnover compared to its competitors. This weakness can be a significant
hurdle for the company as it tries to stay competitive in an increasingly crowded
marketplace.

When employees leave a company, it can cause a ripple effect that impacts the
entire organization. High employee turnover can result in a loss of institutional
knowledge and experience, decreased morale, and increased recruiting and
training costs. This can have a significant impact on a company’s bottom line, as
well as its ability to innovate and grow.

Nvidia Opportunities

 Rise of the gaming sector: Recently, the gaming sector has experienced significant
growth, and this presents a tremendous opportunity for Nvidia. One of the key factors
driving the growth of the gaming industry is the increasing accessibility of gaming
technology.

The company’s powerful graphics cards and other gaming hardware are among
the best in the industry.

This makes them a popular choice among gamers and esports professionals
alike. In addition, Nvidia has been actively investing in VR technology, working to
create powerful VR-ready hardware that can deliver a truly immersive
experience;

 Technology improvement: Advancements in tech are a common occurrence today, and

this presents a lucrative opportunity for Nvidia. Advancements in areas such as artificial
intelligence, machine learning, and data science, present Nvidia in a ripe position to take
advantage of these trends.

Nvidia Threats

 Intense competition: Nvidia has enjoyed a huge slice of the market share for decades.
However, the rise of other GPU manufacturers has posed a pivotal threat to Nvidia’s
continued success.

While Nvidia has traditionally faced competition from AMD, the rise of other
players like Intel and Qualcomm has further intensified this competition. This
has led to price wars and decreased profit margins, which can make it difficult
for Nvidia to maintain its market share;

 Changing customer preferences: Customer preferences are constantly evolving, and

this can pose a significant threat to Nvidia’s business operations. One example of
changing customer preferences in the gaming industry is the shift toward mobile
gaming;

 Shortage of skilled labor in the tech sector: The shortage of skilled labor is a crucial
threat to Nvidia’s continued success, as it can limit the company’s ability to innovate and
expand. Without a steady supply of talented and experienced workers, Nvidia could
struggle to keep pace with its competitors and could fall behind in the rapidly evolving
tech landscape.

Financial Data-

Quarter 4 (Q4) Fiscal Year 2024:

(Source: https://investor.nvidia.com/)

Fig. Financial Summary of Q4 FY24

GAAP:

- Revenue: The company made $22.1 billion in sales this quarter, which is 22% higher than the previous
quarter and 265% higher than the same quarter last year.

- Gross Margin: They earned 76% on each dollar of sales after accounting for production costs, which is
an improvement of 2 percentage points from the previous quarter and 12.7 percentage points from the
same quarter last year.

- Operating Expenses: They spent $3.18 billion on operating expenses, up 6% from the previous quarter
and 23% from the same quarter last year.

- Operating Income: After covering all expenses, they made $13.6 billion in operating income, up 31%
from the previous quarter and a staggering 983% from the same quarter last year.

- Net Income: The company's profit after all expenses and taxes was $12.3 billion, up 33% from the
previous quarter and 769% from the same quarter last year.

- Diluted Earnings per Share (EPS): Each share of the company's stock earned $4.93 in profit, up 33%
from the previous quarter and 765% from the same quarter last year.

Non-GAAP:
- The non-GAAP figures are similar to GAAP but may exclude certain expenses to provide a clearer
picture of the company's performance without accounting adjustments.

- The revenue, margins, and profits are all higher under the non-GAAP measure compared to GAAP,
showing even stronger performance.

GAAP:

- Revenue: For the entire fiscal year, the company's total sales were $60.9 billion, up 126% from the
previous year.

- Gross Margin: They maintained a gross margin of 72.7%, up 15.8 percentage points from the previous
year.

- Operating Expenses: Operating expenses increased slightly to $11.3 billion, up 2% from the previous
year.

- Operating Income: The company made $33 billion in operating income for the year, up a substantial
681% from the previous year.

- Net Income: After all expenses and taxes, the company earned a net income of $29.8 billion, up 581%
from the previous year.

- Diluted Earnings per Share (EPS): Each share earned $11.93 in profit for the fiscal year, up 586% from
the previous year.
Conclusion

Nvidia has traditionally centered its business model around their sales. However, as revenue from data
centers gradually rises, surpassing that of gaming, Nvidia is unmistakably broadening its portfolio and
revenue channels.

Transitioning from merely a gaming graphics entity, Nvidia has evolved into a comprehensive computing
enterprise. While gaming remains pivotal, Nvidia has diversified its product range and market presence
to cater to an extensive array of computing applications.

Through pioneering GPU development, strategic alliances, and a steadfast commitment to customer
satisfaction, Nvidia has solidified its standing as a premier provider of cutting-edge technological
solutions within the industry.

Key Learnings:

1. Diversification of Revenue Streams: Nvidia's success highlights the importance of diversifying revenue
streams. While the company initially focused on gaming graphics, it strategically expanded into high-
growth markets such as data centers, AI, autonomous vehicles, and professional visualization.

2. Strategic Focus on Innovation: Nvidia's relentless commitment to innovation played a pivotal role in its
rapid growth and market dominance. The company continuously pushed the boundaries of GPU
technology, introducing groundbreaking advancements in architecture, performance, and efficiency.

3. Strategic Partnerships and Acquisitions: Nvidia leveraged strategic partnerships and targeted
acquisitions to enhance its market position and expand its capabilities. Acquiring companies like
Mellanox Technologies and ARM Holdings provided Nvidia with key technologies and intellectual
property, enabling it to offer comprehensive solutions and strengthen its competitive advantage.

4. Customer-Centric Approach: Nvidia's success is attributed in part to its customer-centric focus. By

understanding the evolving needs and preferences of its diverse customer segments, including gamers,
professionals, data centers, automakers, and AI industry professionals, Nvidia developed tailored
solutions that address specific market demands.

5. Financial Performance and Market Recognition: Nvidia's robust financial performance, characterized
by sustained revenue growth, expanding profit margins, and strong cash flows, propelled its market
capitalization to unprecedented levels.

6. Global Expansion and Market Penetration: Nvidia's strategic expansion into international markets and
relentless focus on customer engagement and satisfaction facilitated its rapid growth and market
penetration.
Recommendations:

1. Continue Diversification into High-Growth Markets: Nvidia has demonstrated success in diversifying
its product portfolio beyond gaming GPUs into lucrative sectors such as data centers, AI, autonomous
vehicles, and professional visualization.

2. Maintain Focus on Technological Innovation: Nvidia's commitment to innovation has been a key driver
of its success. The company should continue to invest in research and development to push the
boundaries of GPU technology.

3. Strengthen Strategic Partnerships and Acquisitions: Nvidia should actively seek strategic partnerships
and targeted acquisitions to enhance its market position and capabilities.

4. Address Employee Turnover: High employee turnover can negatively impact productivity and
innovation. Nvidia should focus on improving employee retention by offering competitive compensation
packages, opportunities for career advancement, and a positive work culture that fosters creativity and
collaboration.

5. Adapt to Changing Customer Preferences: Customer preferences in the technology industry are
constantly evolving. Nvidia should closely monitor market trends and consumer behaviour to adapt its
product offerings accordingly.

References:

https://www.nvidia.com/en-us/

https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-
Fourth-Quarter-and-Fiscal-2024/.

https://businessmodelanalyst.com/nvidia-business-model/#Nvidia_Competitors

https://www.britannica.com/topic/NVIDIA-Corporation

https://research-methodology.net/nvidia-marketing-strategy-overview/