DUBAI: The global semiconductor revenue surged 21% in 2024, reaching a massive $655.9 billion, up from $542.1 billion in 2023, according to final figures released by tech research giant Gartner Inc. This sharp increase is being credited to rising AI demand and a huge 73.4% jump in memory revenue.
For the first time ever, NVIDIA claimed the No. 1 position, overtaking long-time leaders Samsung Electronics and Intel. The surge was driven by unprecedented demand for NVIDIA’s discrete GPUs, which have become the go-to choice for AI workloads in data centres worldwide.
“NVIDIA’s rise to the top reflects a significant shift in the tech industry’s focus towards AI infrastructure,” said Gaurav Gupta, Vice President Analyst at Gartner. “Its GPUs have become the backbone of modern data centres, powering everything from machine learning to generative AI.”
Samsung held onto the No. 2 position, benefitting from a sharp rebound in DRAM and flash memory prices, after previous supply-demand imbalances corrected. Meanwhile, Intel saw a minimal 0.8% growth, struggling to maintain dominance across its key product lines and missing out on the AI boom.
The reshuffling of industry giants highlights the massive transformation taking place in the semiconductor market, as tech companies rush to upgrade their AI infrastructure. The increased demand for AI chips, paired with recovering memory markets, has rewritten the revenue leaderboard and pushed innovation front and centre.
With NVIDIA now leading the charge, the semiconductor race in 2025 will likely focus even more on AI integration, speed, and efficiency, as the industry continues its aggressive evolution.
