Nvidia delivers another quarter of stellar growth amid growing concern over AI economy

A sign to a Nvidia office building is shown in Santa Clara, Calif., Wednesday, May 31, 2023. (AP Photo/Jeff Chiu, File)

Artificial intelligence chipmaker Nvidia on Wednesday announced another quarter of astounding quarterly growth as investors try to decipher whether technology’s latest craze is overblown hyperbole or a springboard into a new era of prosperity and productivity.

The results for the November-January period blew past the analyst projections that shape investors’ perceptions, as has been the case since Nvidia’s high-end chips emerged as AI’s best building blocks three years ago.

Nvidia’s fiscal fourth-quarter surged 73% from the previous year to $68.1 billion while its profit nearly doubled to roughly $43 billion, or $1.76 per share.

The Santa Clara, California, company also provided a forecast exceeding analyst projections while its CEO Jensen Huang provided commentary feeding into his thesis that the AI boom is still in the early stages of a buildout that will reshape society.

Nvidia’s stock price rose nearly 4% in extended trading after the numbers came out.

Michael Liedtke, The Associated Press