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.
Shares in Nvidia Corp. rose 6 per cent in after-hours trading to US$1,006.89. The stock has risen more than 200 per cent in the past year.
The company, based in Santa Clara, Calif., carved out an early lead in the hardware and software needed to tailor its technology to AI applications, partly because founder and CEO Jensen Huang began to nudge the company into what was then seen as a still half-baked technology more than a decade ago. It also makes chips for gaming and cars.
The company now boasts the third highest market value on Wall Street, behind only Microsoft and Apple.
"Nvidia defies gravity again," Jacob Bourne, an analyst with Emarketer, said of the quarterly report. While many tech companies are eager to reduce their dependence on Nvidia, which has achieved a level of hardware dominance in AI rivaling that of earlier computing pioneers such as Intel Corp., "they're not quite there yet," he added.
Demand for generative AI systems that can compose documents, make images and serve as increasingly lifelike personal assistants has fueled astronomical sales of Nvidia's specialized AI chips over the past year. Tech giants Amazon, Google, Meta and Microsoft have all signaled they will need to spend more in coming months on the chips and data centers needed to train and operate their AI systems.
What happens after that could be another matter. Some analysts believe the breakneck race to build the huge data centers will eventually peak, potentially spelling trouble for Nvidia in the aftermath.
"The biggest question that remains is how long this runway is," Third Bridge analyst Lucas Keh wrote in a research note. AI workloads in the cloud will eventually shift from training AI models to inference, or the more everyday task of processing fresh data using already trained AI systems, he noted. And inference doesn't require the level of power provided by Nvidia's expensive top-of-the-line chips, which will open up market opportunities for chipmakers offering less powerful, but also less costly, alternatives.
When that happens, Keh wrote, "Nvidia's dominant market share position will be tested."
The City of Calgary declared a local state of emergency Saturday morning in response to the latest developments in a major water main break that is impacting the city.
Canadians would get more than $1 billion in unclaimed benefits each year through an automatic tax filing system, according to a report published by the Parliamentary Budget Officer (PBO).
London put on a display of birthday pageantry Saturday for King Charles III, a military parade that marked the Princess of Wales ' first public appearance since her cancer diagnosis early this year.
Prime Minister Justin Trudeau says he has concerns with how conclusions were gathered in a spy watchdog report.
Vancouver police are warning the public that the man who stabbed a stranger in a downtown coffee shop in January 2022 has been released and will be living in the city again.
Mayumi Barrack sees a pair of mating periodical cicadas getting together, whips out her phone, says, 'Hi guys!' and takes their picture.
A 93-year-old woman has pleaded guilty to careless driving causing bodily harm in the crash that sent CTV News Kitchener reporter Stephanie Villella to hospital with life-threatening injuries last year.
A lucky lotto player in the Greater Toronto Area is waking up with millions more reasons to smile this morning.
Federal officials are investigating an unusual rolling motion during the flight of a Southwest Airlines Boeing 737 Max.
The owner of a northern Ont. camp is continuing to clean up after an intense storm that prompted a tornado warning Thursday ripped through the area breaking his dock and downing trees.
Late Friday afternoon, the City of Calgary held a media availability to deliver an update on the status of the 16 Avenue water main break that delivered shocking news.
A human smuggling ring recently dismantled by members of the RCMP was connected to the deaths of eight migrants who drowned in the St. Lawrence River while trying to cross illegally into the United States last year.
The armed standoff that created a large police presence on Manitoulin Island on Saturday morning has ended peacefully and one suspect is in custody, police confirmed to CTVNewsNorthernOntario.ca.
A lucky lotto player in the Greater Toronto Area is waking up with millions more reasons to smile this morning.
The City of Calgary declared a local state of emergency Saturday morning in response to the latest developments in a major water main break that is impacting the city.
A federal judge on Friday ordered the liquidation of conspiracy theorist Alex Jones' personal assets but dismissed his company's separate bankruptcy case, leaving the future of his Infowars media platform uncertain as he owes US$1.5 billion for his false claims that the Sandy Hook Elementary School shooting was a hoax.
The Rome LGBTQ2S+ Pride parade celebrated its 30th anniversary Saturday as tens of thousands of people in brightly coloured outfits marched through the Italian capital waving banners, dancing and singing as they marked gay rights and poked fun at Pope Francis.
Haitian leaders have ousted Frantz Elbe, the beleaguered director of Haiti’s National Police, following months of criticism that he wasn’t doing enough to protect officers under assault by gangs.
London put on a display of birthday pageantry Saturday for King Charles III, a military parade that marked the Princess of Wales ' first public appearance since her cancer diagnosis early this year.
A judge has overturned the conviction of a Missouri woman who was a psychiatric patient when she incriminated herself in a 1980 killing that her attorneys argue was actually committed by a now-discredited police officer.
The United States military unleashed a wave of attacks targeting radar sites operated by Yemen's Houthi rebels over their assaults on shipping in the crucial Red Sea corridor, authorities said Saturday, after one merchant sailor went missing following an earlier Houthi strike on a ship.
Prime Minister Justin Trudeau says he has concerns with how conclusions were gathered in a spy watchdog report.
Outgoing Chief of the Defence Staff Gen. Wayne Eyre says Canada is unprepared to meet the challenges of an increasingly insecure world and needs to step up for its allies, as it remains the only NATO member without a clear date to reach the group's spending commitments.
Leaders of the G7 countries say they are more concerned than ever about foreign interference and plan to create a 'collective response framework' to counter foreign threats to democracies.
Whooping cough cases are on the rise in parts of Ontario and experts are reminding parents to remain vigilant as the illness can be most dangerous to young children.
Health Canada issued a recall Friday for more nicotine pouches citing unauthorized sale in Canada.
The chief of a First Nation in northern Manitoba says its nursing station is operating at half-capacity, and as a result members are going without the care they need.
Mayumi Barrack sees a pair of mating periodical cicadas getting together, whips out her phone, says, 'Hi guys!' and takes their picture.
The mailings promised "Life Without Pain!" via stem cell injections or IVs administered in a patient's own home. The allure was obvious: more than 20 per cent of U.S. adults endure chronic pain.
Interbreeding between polar bears and grizzlies is not threatening the Arctic's polar bear population – at least not yet.
Ryan Seacrest will now be asking 'Wheel of Fortune' contestants if they’d like to buy a vowel.
Ben Affleck and Jennifer Lopez are not talking about their current relationship, but they have already said plenty.
Kate Winslet isn’t afraid to kiss and tell, even when it comes to one of the most famous on-screen kisses in cinematic history.
Once a shrine to the world's most popular soft drink, the building that housed the original World of Coca-Cola is going flat at the hands of Georgia's state government.
Online retailer Amazon is challenging the certification of a union representing about 200 employees at a Montreal-area warehouse.
The pandemic may have released us from the tyranny of the five-day-a-week office schedule. But the grip of America’s busy-work culture is proving harder to shake.
In honour of Father’s Day, CTVNews.ca asked notable Canadians from different backgrounds about their fathers and the stories, lessons and advice that they cherish. Here’s what they said.
A new Dartmouth, N.S., running club that celebrates "slow" is quickly drawing hundreds of members.
It began, seemingly, with a few innocuous social media posts comparing Mike Faist, co-star of the titillating tennis throuple film “Challengers,” to a dormouse and soon, the complexity of the analogy snowballed to odd levels of specificity.
Italy recovered from letting in the quickest goal in the tournament’s 64-year history to beat Albania 2-1 in Dortmund on Saturday in an atmospheric Adriatic derby that immediately threatened an upset.
The Edmonton Oilers aren't looking too far ahead. Down 3-0 to the Florida Panthers in the Stanley Cup Final, the Oilers are focused on winning Game 4 at home on Saturday night to live another day.
Whether you call it Soccer or Football, this June will be a fantasy month for football fanatics across Canada and the world.
In the face of pervasive auto theft in Toronto, some residents are looking to retractable bollards to stand between their vehicle and potential thieves.
Chrome’s century-long reign as that added bit of flash and glamour on new cars may be coming to an end. For least one major auto maker, environmental and serious health concerns are outweighing its aesthetic appeal.
Tesla shareholders approved CEO Elon Musk's US$56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his leadership and an enticement for keeping his focus on his biggest source of wealth.
Fancy Pokket owner Mike Timani has decided to create a 220-foot long flat bread to celebrate its 35th anniversary.
If certain goals that are in the Paris Climate Accord aren't met, the existence of polar bears in the Hudson Bay may come to an end.
In an attempt to invite one of the most popular recording artists in the world to the land of living skies – the City of Swift Current has offered to rename itself in honour of Taylor Swift.
More than a dozen dogs arrived by Cargojet early Thursday morning to the People for Animal Wellbeing Shelter to find a permanent place to call home in New Brunswick.
Peggy's Cove, N.S., is one of the most famous locations in the Maritimes. Recent visitors were treated to more than just the iconic landmark.
Hundreds of fans lined up to meet the Trailer Park Boys in Dartmouth, N.S., Tuesday, as Ricky, Bubbles and Julian promoted their new brand of potato chips.
Car break-ins plague Canadians across the country, but instead of worrying about theft, a northern Ontario woman is cleaning up a big mess that she says will not be covered by insurance after a black bear broke into her Honda Civic and took a nap.
Members of a Hutterite colony in southern Alberta have potentially built the world's tallest structure made of Popsicle sticks.
A dog who spent the first three-and-a-half years of his life suffering and almost a year at a shelter has found his forever home, according to the BC SPCA.
There were people living inside an abandoned townhouse complex in South Vancouver when a fire broke out Saturday morning, firefighters say.
Environment Canada says storms tracking over British Columbia's south coast brought hail to the region today, with one witness reporting pellets the size of large peas blanketing his local streets.
Parts of northeastern British Columbia are under rainfall warnings as a narrow band of intense storms moves through the area.
A teenage boy has died following a daylight shooting in northwest Scarborough on Saturday afternoon.
York Region is reporting its first case of rabies for 2024.
A 32-year-old woman from Brampton has been arrested and charged with impaired driving for the third time in the span of 15 months, say police.
The City of Calgary declared a local state of emergency Saturday morning in response to the latest developments in a major water main break that is impacting the city.
Late Friday afternoon, the City of Calgary held a media availability to deliver an update on the status of the 16 Avenue water main break that delivered shocking news.
I love Alberta. That may sound obvious coming from someone who was born here, went to school here, and eventually became Premier.
Environment Canada is asking residents in Ottawa to prepare for hot and humid weather conditions starting Monday, as it calls for temperatures reaching above 30 C.
The Ontario Provincial police (OPP) says an Ottawa driver is facing charges after being caught speeding on Highway 417 near Moodie station Saturday morning.
A popular beach between Mallorytown and Brockville, Ont. opened for the summer this weekend, after a revitalisation project had kept the beach closed for two years.
A human smuggling ring recently dismantled by members of the RCMP was connected to the deaths of eight migrants who drowned in the St. Lawrence River while trying to cross illegally into the United States last year.
Several Quebec cities have announced the early opening of pools and water games, as a warm air mass and heat wave are expected to hit the province starting Tuesday.
Quebec swimmers Mary-Sophie Harvey and Patrick Hussey are hoping the hard work they put in pays off at the Olympic Games in Paris this summer.
The Edmonton Oilers aren't looking too far ahead. Down 3-0 to the Florida Panthers in the Stanley Cup Final, the Oilers are focused on winning Game 4 at home on Saturday night to live another day.
An Edmonton man is dead after a crash south of the city on Friday night.
The City of Calgary declared a local state of emergency Saturday morning in response to the latest developments in a major water main break that is impacting the city.
Ten people were arrested, drugs and cash were seized, after police executed a search warrant at a residence in Summerside, P.E.I.
The open house served not only as a recruitment measure for the Canadian Coast Guard, but also as an opportunity to show the public the daily operations of the coast guard.
Police are investigating after a vehicle left the roadway and went into a lake in Dartmouth, N.S., Saturday morning.
Hundreds gathered in Dauphin, Man., Saturday to mark the one-year anniversary of a deadly crash that claimed the lives of 17 people.
Age may be just a number to George Steciuk, but it’s just one of many that add up to one inspirational athlete.
A first in the University of Winnipeg’s faculty of education was celebrated at convocation Friday.
The Saskatchewan Teachers’ Federation (STF) has agreed to binding arbitration with the province, which will put an end to current 'work to rule' job action and a contract dispute that has dragged out more than a year.
Another Early Years Family Resource Centre has opened up in Regina, this one near the Harbour Landing area.
The Edmonton Oilers aren't looking too far ahead. Down 3-0 to the Florida Panthers in the Stanley Cup Final, the Oilers are focused on winning Game 4 at home on Saturday night to live another day.
Ontario Provincial Police (OPP) are investigating after a pedestrian was hit in Wellington County.
The 37-year-old Princeton man reported as missing since last weekend has been found dead.
The anchor for CTV Kitchener’s 6 p.m. show, Alexandra Pinto, has announced she will be leaving the station.
Data in a new study from the Canadian Institute of Health Information (CIHI) shows nearly half of the beds in Saskatoon hospitals are going unused.
The Government of Saskatchewan is investing nearly $8.1 million to establish two new healthcare training programs at the University of Saskatchewan (U of S).
A 27-year-old man who has been missing since last week has been found dead.
Canadians would get more than $1 billion in unclaimed benefits each year through an automatic tax filing system, according to a report published by the Parliamentary Budget Officer (PBO).
36-year-old Daniel Callihan was arrested Thursday after a 35-year-old mother was found dead and her two abducted daughters were later discovered in Mississippi – one dead and the other alive – in what investigators say may be a human trafficking case.
The owner of a northern Ont. camp is continuing to clean up after an intense storm that prompted a tornado warning Thursday ripped through the area breaking his dock and downing trees.
Middlesex County OPP are investigating after a collision between a motorcycle and SUV claimed the lives of two people, just west of Strathroy.
Thanks to the help of first responders, a man was safely pulled from Lake Huron Saturday morning.
A retail theft investigation has lead to illegal drug and handgun charges in Sarnia.
Thousands of spectators lined the shores of Kempenfelt Bay to take in the Barrie Airshow on Saturday.
A golf tournament is carrying on the legacy of a teen who died in a car crash in 2018 by helping to support local youth with autism.
A family support service organization is eliminating dozens of jobs and closing two programs, citing a lack of funding from the Ford government as the catalyst.
Sara Castellan’s son spent three and a half weeks in the Neonatal Intensive Care Unit (NICU) after being born six weeks early. Judy Matton was one of their nurses.
One of the new villages added to Windsor-Essex’s biggest multicultural festival of the year is centred around Canadian culture.
A woman has been charged after she allegedly drove her vehicle into a parked Windsor police cruiser while impaired, according to officers.
Victoria Mayor Marianne Alto says city council wants to prevent some of the issues faced by its most vulnerable citizens, rather than simply dealing with the aftermath, even if it means stepping outside of what's normally seen as a local government responsibility.
Environment Canada says storms tracking over British Columbia's south coast brought hail to the region today, with one witness reporting pellets the size of large peas blanketing his local streets.
Emergency responders are searching for a missing boater in Mission, but they believe it's unlikely he is still alive, according to local RCMP.
A hunter was attacked by a black bear near Summerland, B.C., this week after he shot and wounded the animal.
The summer solstice is one week away, but B.C.'s mountain passes could look more like winter this weekend, according to Environment and Climate Change Canada.
One person is dead after being struck by a train in Kamloops Thursday morning.
This Sunday is Father’s Day and the City of Lethbridge is helping those honour the memory of loved ones.
The Amir and Saker Manji Healing Garden was named after Amir Manji, who went through his own cancer journey, and comes following a $500,000 donation toward the centre from his family.
An investigation is underway into a fatal collision that left one woman dead Thursday night in Lethbridge.
The owner of a northern Ont. camp is continuing to clean up after an intense storm that prompted a tornado warning Thursday ripped through the area breaking his dock and downing trees.
The armed standoff that created a large police presence on Manitoulin Island on Saturday morning has ended peacefully and one suspect is in custody, police confirmed to CTVNewsNorthernOntario.ca.
Paramedics in Sault Ste. Marie showed their displeasure with a lack of contract negotiations Friday.
Infant music classes are taking off, especially in Newfoundland, where demand is forcing one small business to boom.
Princess Anne will be in Newfoundland and Labrador next month to mark the 100th anniversary of the unveiling of the National War Memorial in St. John's.
A Federal Court judge has dismissed a bid by Labrador's Innu Nation to throw out an agreement involving the NunatuKavut Community Council, but both groups claim the ruling is a win.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
