Nvidia doubled profits in 2024. And it says outlook is rosy despite AI jitters

Nvidia exceeded Wall Street’s expectations as it closed out 2024, achieving stunning sales and profit growth — and much of Silicon Valley is likely breathing a sigh of relief at what the results signal about the broader artificial intelligence industry.

Nvidia exceeded Wall Street’s expectations as it closed out 2024, achieving stunning sales and profit growth — and much of Silicon Valley is likely breathing a sigh of relief at what the results signal about the broader artificial intelligence industry. The chipmaking giant’s shares dipped just over 1% in after-hours trading Wednesday, immediately after the company released its earnings report for the quarter ended in January and its full 2025 fiscal year. However, shares quickly turned positive, gaining 2.7% within half an hour of the report’s release. Nvidia raked in $39.3 billion in sales in the January quarter, slightly above Wall Street’s expectations and 78% higher than the same period in the prior year. Profits from the quarter grew 72% year-over-year to $22 billion. For the full year, the company’s profits more than doubled to $74.3 billion, capping off a banner year in which Nvidia cemented itself as perhaps the most important player in the growing AI industry. Despite increased competition, Nvidia remains unmatched at producing the AI chips many companies use to power AI systems. But that central role also means Nvidia is widely viewed as a bellwether for the broader tech sector, meaning expectations were heightened heading into Wednesday’s report. In recent weeks, Silicon Valley has been processing what the launch of DeepSeek — a highly capable but more efficient AI model from a year-old Chinese startup — means for the American AI industry.