According to the latest Competitive Landscape Tracker from Omdia, the semiconductor industry has reversed a long period of declining revenue, with a 3.8% growth in quarterly revenue, making it $124.3 bn in 2Q23. While historical patterns indicate this is in line with the total semiconductor market, semiconductors within specific segments continue to diverge from the norm.
For example, the DRAM market increased by 15%, whereas historically, the second quarter growth rate has been 7.5%. Despite the welcome growth, the current market size has reduced considerably, now at 79% of what it was a year ago. NVIDIA is leading the turnaround, increasing semiconductor revenue by 47.5% from the previous quarter, propelled by the rapid growth of demand for generative AI, a market NVIDIA dominates. While most major companies contributed to the growth, NVIDIA climbed to third place from last year's 9th in the semiconductor market by revenue. The demand for generative AI has erupted in 2023, with the market projected to grow from $6.2 billion in 2023 to $58.5 billion in 2028, with a CAGR of 56%.
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