Nvidia’s Profit Hits $58.3 Billion as A.I. Boom Gathers More Steam
The chip maker said its profit in its most recent quarter jumped 211 percent from a year ago thanks to extreme demand from other big technology companies.
Another huge quarterly profit announced by the chip maker Nvidia on Wednesday provided solid evidence that Silicon Valley’s artificial intelligence spending spree is still gathering steam.
Nvidia said that profit in its most recent quarter was $58.3 billion, up 211 percent from a year ago and topping expectations by financial analysts. Just three years ago, the Silicon Valley company’s quarterly profit was $2 billion.
Nvidia’s chips are an essential part of big A.I. projects, and other tech companies have been lining up to spend tens of billions of dollars on those chips. Nvidia is now the most valuable publicly traded company in the world, and its financial results have become a bellwether for the rest of the tech industry.
Nvidia’s biggest problem appears to be meeting demand from its spendthrift tech industry customers, a strong indication that the A.I. boom is going strong. Nvidia’s share price was flat in after-market trading on Wednesday.
It was the second consecutive quarter Nvidia’s profit had doubled, and the second time that the chip company had a bigger profit than other tech giants like Apple. Revenue for the quarter was $81.6 billion, up 85 percent from a year ago, also topping expectations.
