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.
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.
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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."
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