San Francisco, May 23 : Chip giant Nvidia, which reported more than $14 billion in profit for the quarter ended April 28, will now design new artificial intelligence (AI) chips every year instead of once every two years.

Nvidia Founder and CEO Jensen Huang said that after the Blackwell AI platform, 'we're on a one-year rhythm.'

The chip maker reported a revenue of $26 billion for the quarter, up 18 per cent from the previous quarter and up a massive 262 per cent from a year ago.

Huang told analysts during the earnings call early on Thursday that the next industrial revolution has begun.

'Companies and countries are partnering with Nvidia to shift the trillion-dollar traditional data centres to accelerated computing and build a new type of data centres -- AI factories -- to produce a new commodity: artificial intelligence,' he emphasised.

AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient while expanding revenue opportunities, the Nvidia CEO added.

The company's data centre growth was fuelled by strong and accelerating demand for generative AI training and inference on the Hopper platform.

'We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI,' said the company.

The company also announced a 10-for-one forward stock split of its issued common stock to make stock ownership more accessible to employees and investors.

/IANS