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
