May 23, 2024, 1:58 a.m.

Nvidia earnings: Profit soars, underscoring its dominance in chips for AI - The Associated Press

Nvidia exceeded Wall Street expectations on Wednesday with its soaring profit, driven by its dominant position in chipmaking and its association with the AI boom. The company's net income surged over sevenfold from the previous year, reaching $14. 88 billion in the first quarter of this year, while revenue tripled to $26. 04 billion. CEO Jensen Huang described the current period as the beginning of the next industrial revolution, highlighting the emergence of "AI factories" that use Nvidia chips to produce artificial intelligence.

The company also reported adjusted earnings per share of $6. 12, surpassing analysts' estimates of $5. 60. Nvidia's shares rose by 6% in after-hours trading to $1, 006. 89, and its market value currently ranks third on Wall Street, behind only Microsoft and Apple. Nonetheless, analysts have raised concerns about the future, suggesting that the surge in demand for data centers may reach a peak, potentially posing challenges for Nvidia's market dominance.

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