Nvidia Rides AI Boom To Third Highest Market Value On Wall Street

CBS Bay Area

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.

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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