Business & Tech
Nvidia Rides AI Boom To Third Highest Market Value On Wall Street
Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first quarter that ended April 28.
![](https://patch.com/img/cdn20/users/23493685/20240523/121401/styles/patch_image/public/nv___23121353208.jpg)
May 23, 2024
Nvidia on Wednesday overshot Wall Street estimates as its profit skyrocketed, bolstered by the chip-making dominance that has made the company an icon of the artificial intelligence boom.
Find out what's happening in San Franciscowith free, real-time updates from Patch.
Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first quarter that ended April 28 from $2.04 billion a year earlier. Revenue more than tripled, rising to $26.04 billion from $7.19 billion in the previous year.
"The next industrial revolution has begun," CEO Jensen Huang declared on a conference call with analysts. Huang predicted that the companies snapping up Nvidia chips will use them to build a new type of data centers he called "AI factories" designed produce "a new commodity — artificial intelligence."
Find out what's happening in San Franciscowith free, real-time updates from Patch.
Click here for the full story via CBS San Francisco
CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.