Meanwhile, Nvidia's GPUs are also being used to create digital twins, which are three-dimensional virtual representations of real-world objects.
The company has $11 billion worth of design wins in the automotive space that could turn into revenue over the next six years once manufacturers start deploying its chips into vehicles. The automotive market is another area where the adoption of GPUs has unlocked a multibillion-dollar opportunity for Nvidia. This move is going to unlock another massive opportunity for Nvidia, as the server CPU market is expected to be worth almost $18 billion in 2026. The company is going to jump into the data center CPU (central processing unit) market as well next year with the launch of its Grace chips. However, this is not the only addressable opportunity for Nvidia in the data center space. The data center GPU market is expected to hit $26 billion in annual revenue by 2026 as per third-party estimates. It would be safe to say that the data center business is just getting started. Nvidia reported $3.6 billion in data center revenue in the first quarter of fiscal 2023, an annual run rate of over $14 billion that points toward 40% growth over last year. And the segment is on track for another solid year. The data center business produced $10.6 billion in revenue for Nvidia last fiscal year, an increase of 58% over the prior year. Data centers, for instance, have become a very important market for the company, as GPUs play a key role in accelerating diverse workloads related to artificial intelligence (AI), machine learning (ML), high-performance computing, and now the metaverse.
But the growing application of these chips in new verticals such as data centers, automotive, cryptocurrency mining, and digital twins has unlocked a massive addressable market for Nvidia. The company still sells GPUs for the PC and workstation markets. Cut to fiscal 2022 and it becomes evident that Nvidia has grown at a fantastic pace over the years, as it reported record annual revenue of $27 billion. The company was selling graphics processing units (GPUs) for personal computers (PCs), workstations, smartphones, and tablets at the time. In fiscal 2012, Nvidia reported annual revenue of $4 billion. This is evident from the terrific growth in the company's revenue over this period. Nvidia has come a long way in the past 10 years. Nvidia's diversification has opened massive opportunities
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