Nvidia’s profits soar as AI boom shows no sign of slowing down

California-based company reports seven-fold jump in profit to $14.88bn in first quarter. Nvidia, the chipmaker at the centre of the boom in artificial intelligence (AI), has reported a seven-fold jump in profit, sending its stock to a record high. The Santa Clara, California-based company said on Wednesday that net income rose to $14.88bn in the first quarter, up from $2.04bn a year earlier. Revenue more than tripled to $26.04bn, well above analysts’ forecasts. Nvidia forecast revenue would hit $28bn, plus or minus 2 percent, in the second quarter, also beating...