Nvidia's profit soars, underscoring its dominance in chips for artificial intelligence
CTV
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.
Nvidia on Wednesday overshot Wall Street estimates as its profit skyrocketed, bolstered by the chipmaking 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 US$14.88 billion in its first quarter that ended April 28 from US$2.04 billion a year earlier. Revenue more than tripled, rising to US$26.04 billion from US$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 to produce "a new commodity – artificial intelligence."
Huang added that training AI models is becoming a faster process as they learn to become "multimodal" – that is, capable of understanding text, speech, images, video and 3-D data – and also "to reason and plan."
The company reported earnings per share – adjusted to exclude one-time items – of US$6.12, well above the US$5.60 that Wall Street analysts had expected, according to FactSet. It also announced a 10-for-1 stock split, a move that it noted will make its shares more accessible to employees and investors.
And it increased its dividend to 10 cents US a share from 4 cents US.
Canada added lower-than-expected 14,500 jobs in October and wages of permanent employees rose, data showed on Friday, as the economy grappled to absorb the slack built up due to a rapidly rising population amid an overheated market.
Wednesday wasn't just a good day for Donald Trump. The wealth of the world's 10 richest people also soared by a record amount, according to Bloomberg's Billionaire Index.
Donald Trump's impending return to the White House has raised worries that he could complicate the Canada-U.S. trade relationships.
Stock prices, bond yields and bitcoin surged Wednesday as voters returned former U.S. president Donald Trump to the White House and the Republican party gained control of the Senate.
Employers at British Columbia ports say they are going ahead with locking out more than 700 foremen across the province after strike activities from union members began.
Warren Buffett is collecting a steady stream of profits from all of Berkshire Hathaway's assorted businesses, including Apple, without any major acquisitions.
Dockworkers at the Port of Montreal started a new strike Thursday morning, forcing the indefinite shutdown of two container terminals at the country's second biggest port.