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."
Lebanon's Hezbollah group confirmed on Saturday that its leader and one of its founders, Hassan Nasrallah, was killed in an Israeli airstrike in Beirut the previous day
Canadian Heritage Minister Pascale St-Onge is set to make history by becoming the first openly lesbian cabinet minister to take parental leave when her wife gives birth in the coming weeks.
Hurricane Helene caused at least 52 deaths and billions of dollars of destruction across a wide swath of the southeastern U.S. as it raced through, and more than three million customers went into the weekend without any power and for some a continued threat of floods.
Thousands of dead birds, from kingfishers to blue jays, encircle a wild turkey to illustrate in one snapshot a mere fragment of how many die from colliding into glass windows – a death that can be easily prevented, the Torontonian photographer says.
When NDP Leader David Eby announced this month that the province would open "secure facilities" to provide involuntary care for people with severe drug addiction or mental health problems, it represented a moment of policy unity with the rival B.C. Conservatives ahead of the fall election.
Several heavily armed officers descended on a home in the southeast area of Barrie Thursday afternoon after reports of a man armed with a crossbow.
Four hunters from Ear Falls west of Thunder Bay, Ont., have been fined for an illegal moose hunt in October 2022 and two of them lost their hunting licence for multiple years.
A jury has ruled in favor of three women who alleged they were sexually abused while patients at a Virginia children's hospital, awarding them a total of US$300 million in damages.
Two consecutive Russian attacks on a medical centre in the northeastern Ukrainian city of Sumy on Saturday killed at least nine people, officials said.
Safaa went to Lebanon looking to meet with a specialist for her Crohn's disease. Now, she and her four children are caught in the conflict between Israel and the militant group Hezbollah.
Windsor, N.S. has long-claimed to be the 'birthplace of hockey.' Local historians believe the game has roots in the town, located in Nova Scotia’s Annapolis Valley.
A 16-year-old boy went missing in southeast Calgary this past Tuesday. Police are asking for your help to find him.
When NDP Leader David Eby announced this month that the province would open "secure facilities" to provide involuntary care for people with severe drug addiction or mental health problems, it represented a moment of policy unity with the rival B.C. Conservatives ahead of the fall election.
Several heavily armed officers descended on a home in the southeast area of Barrie Thursday afternoon after reports of a man armed with a crossbow.
Four hunters from Ear Falls west of Thunder Bay, Ont., have been fined for an illegal moose hunt in October 2022 and two of them lost their hunting licence for multiple years.
For months, New York City Mayor Eric Adams — a former cop — refused to criticize the federal authorities investigating his administration. Not anymore.
An explosion at a gas station in Russia’s southern region of Dagestan killed at least 13 people and injured 23 others, officials said Saturday.
Seventeen people, including 15 women, were killed in two mass shootings that took place in close proximity to each other in a rural town in South Africa, police said Saturday.
A jury has ruled in favor of three women who alleged they were sexually abused while patients at a Virginia children's hospital, awarding them a total of US$300 million in damages.
Three days before his communist government turns 75, China's foreign minister warned fellow leaders Saturday against an 'expansion of the battlefield' in Russia's war with Ukraine and said the Beijing government remains committed to shuttle diplomacy and efforts to push the conflict toward its end.
Democratic vice presidential candidate Tim Walz knows how to lean into abortion rights on the debate stage. He's done it before.
Defence Minister Bill Blair says there is a ship in place near Lebanon, as well as 150 deployed additional Canadian Armed Forces members prepared for a military-assisted departure of stranded Canadians, if more violence in the region requires it.
Canadian Heritage Minister Pascale St-Onge is set to make history by becoming the first openly lesbian cabinet minister to take parental leave when her wife gives birth in the coming weeks.
The Liberal party of today is not quite the same as the one elected in 2015 promising to foster new paths and nation-to-nation relationships with Indigenous Peoples, the leaders of the three national Indigenous organizations said as they look ahead to the fourth National Day for Truth and Reconciliation on Monday.
A man from Alberta has been at the Medipal International Hospital in Kampala, Uganda for over two months with a hefty medical bill. He says he can’t leave until it’s been paid for.
More than 550 symptomatic people responded to an online questionnaire about a gastrointestinal illness at a Prince Edward Island shellfish festival last weekend.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
Trees haven't grown on the Falkland Islands for thousands of years. But tree trunks and branches preserved in peat suggest the islands were once home to a forest.
Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
Facebook whistleblower Frances Haugen feels 'extremely hopeful' about society's ability to push social media platforms into being safer but for change to come, she says these companies need to be motivated in a new way.
The Stratford Festival is remembering Dame Maggie Smith's impact on a local stage.
Ari Kinarthy never imagined he'd become the focus of photographers on a red carpet, back when he was a boy fighting to have fun.
​Sean 'Diddy' Combs wants to testify at his criminal trial for charges of sex trafficking and racketeering, according to his attorney.
The U.S. Department of Transportation said Friday it had fined Air Canada US$250,000 for operating flights in 2022 and 2023 in prohibited Iraqi airspace.
Canada's gross domestic product expanded at a faster-than-expected 0.2 per cent rate in July, driven by growth in retail trade and public sectors, but the economy likely stalled in August, Statistics Canada data showed on Friday.
Two weeks of testimony suggested the company responsible for an experimental deep-water submersible that imploded, killing five people, either recklessly ignored warning signs in the name of profits or represented the nation's explorer spirit in taking calculated risks to push humankind's boundaries.
It's often said there is a thin line between love and hate, but is it OK to sometimes hate your long-term partner? If you ask actress Jamie Lee Curtis, it's practically necessary.
When a few weeks passed and Nana Prempeh still hadn’t heard from the guy she met on vacation, she turned to her friends for advice.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
The Internationals stormed back with a 5-0 second-round shutout to tie the United States 5-5 in the overall score at the elite biennial men's golf tournament.
The Toronto Raptors have confirmed that Vince Carter's No. 15 will be the first number to be retired by the NBA franchise.
Canadian legend Christine Sinclair announced Friday that she will retire from playing professional soccer at the end of the season.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
A U.S. driver somehow squeezed her vehicle through a parkade hallway at a Metro Vancouver casino Thursday, before getting stuck at an elevator bank.
More than 12,000 vehicles in Canada are included in two separate recalls by Toyota Motor Corp. and Mazda.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
When a group of B.C. filmmakers set out on a small fishing boat near Powell River last week, they hoped to capture some video for a documentary on humpback whales. What happened next blew their minds.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Sarah McLachlan is returning to her hometown of Halifax in November.
Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
Police are looking to the public for help after thieves broke into a Lethbridge ice creamery, stealing from the store.
An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
When NDP Leader David Eby announced this month that the province would open "secure facilities" to provide involuntary care for people with severe drug addiction or mental health problems, it represented a moment of policy unity with the rival B.C. Conservatives ahead of the fall election.
A wild game saw the Tiger-Cats rally from a 16-point deficit and score two touchdowns late in the fourth quarter to win their fourth consecutive game.
The leader of the BC Conservative Party laid out his strategy to solve the province's housing crisis Friday, which includes slashing red tape and letting the private sector take the reins on boosting supply.
Thousands of dead birds, from kingfishers to blue jays, encircle a wild turkey to illustrate in one snapshot a mere fragment of how many die from colliding into glass windows – a death that can be easily prevented, the Torontonian photographer says.
A woman was taken to hospital after a TTC bus collided with a hydro pole in Rexdale Saturday morning.
Toronto police are investigating after one person came to hospital with a gunshot wound overnight.
A Calgary city councillor's plea to have permanent residents be given the right to vote in municipal elections, an idea long dismissed by Premier Danielle Smith as unconstitutional, has been defeated.
The All My Relations Healing Powwow begins Saturday afternoon at the BMO Centre in Calgary.
Safaa went to Lebanon looking to meet with a specialist for her Crohn's disease. Now, she and her four children are caught in the conflict between Israel and the militant group Hezbollah.
Canadian innovators and technical leaders gathered in Ottawa Thursday to demonstrate the latest cutting-edge technology.
The 20th annual National Peace Officers' Memorial Run (NPOMR) is underway, with participants expected to make their way into downtown Ottawa Saturday.
The federal holiday on Sept. 30 will bring some schedule changes in Ottawa as Canada marks the National Day for Truth and Reconciliation.
World Wrestling Entertainment Hall-of-Famer Maurice "Mad Dog" Vachon is the inspiration for a local wrestling production company that will bear his name host events on Montreal's West Island to raise money and create memories for sick children.
A 44-year-old man is in stable but critical condition after being shot in the upper body in the Lachine borough on Friday night.
Lebanon's Hezbollah group confirmed on Saturday that its leader and one of its founders, Hassan Nasrallah, was killed in an Israeli airstrike in Beirut the previous day
A northern Alberta woman is hoping her family's history can help reunite other families with loved ones laid to rest far from home.
There's one more week of pre-season games for the Edmonton Oilers before the National Hockey League team sets its roster for opening night a few days later.
A Calgary city councillor's plea to have permanent residents be given the right to vote in municipal elections, an idea long dismissed by Premier Danielle Smith as unconstitutional, has been defeated.
Education and infrastructure were the focus of promises made on the tenth day of New Brunswick’s provincial election campaign.
RCMP Halifax Regional Detachment say they have charged a man with multiple offences, including assaulting a peace officer with a weapon, following a disturbance in Beaver Bank, N.S.
Windsor, N.S. has long-claimed to be the 'birthplace of hockey.' Local historians believe the game has roots in the town, located in Nova Scotia’s Annapolis Valley.
As the temperatures begin to drop and the leaves change colour, the time for fall suppers has returned in Manitoba.
Two cats were rescued early Saturday morning after a house fire in Winnipeg’s Westwood neighbourhood.
The Province of Manitoba has signed off on the sale of Portage Place, finalizing a deal with all three levels of government for True North to purchase the mall.
A man from Weyburn, Sask. died following a collision on Highway 1 just east of Regina on Friday morning.
George Gordon First Nation has completed their second phase in search of unmarked graves.
Members of Yorkton Tribal Council (YTC) are taking action to address the growing addictions crisis through the grand opening of their new detox centre – Eagle Sky Healing Lodge Detox Centre.
It’s homecoming weekend for many students and alumni and preparations are underway to ensure it’s a safe celebratory weekend.
When Ontario’s minimum wage goes up on Oct. 1, another group of workers will also see an increase. But what is the homeworkers’ minimum wage?
The Kitchener Rangers returned to the Kitchener Memorial Auditorium on Friday to the roar of thousands of eager fans.
Saskatoon's homeless population is on pace to more than double in one year, according to data from the Saskatoon Fire Department.
In the aftermath of a fire that destroyed Snow White Family Restaurant in Biggar Saskatchewan, a GoFundMe has been created to help the owner start over.
The most important issues for Saskatchewan voters depends on which party they support, according to a new poll.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
It's often said there is a thin line between love and hate, but is it OK to sometimes hate your long-term partner? If you ask actress Jamie Lee Curtis, it's practically necessary.
Canadian Heritage Minister Pascale St-Onge is set to make history by becoming the first openly lesbian cabinet minister to take parental leave when her wife gives birth in the coming weeks.
For 28 years, motorcycle riders have gathered at Hully Gully in London, Ont. to raise money for the Children’s Health Foundation (CHF) and enjoy a fall ride.
United Way Perth Huron’s Harvest Lunch on Wednesday saw incredible community support, and as a result, nearly 2,100 meals will be going back to the community.
The fraud involves an advertisement that has been circulated in the community which advertises free garden plants and supplies for local business Canadale.
Several heavily armed officers descended on a home in the southeast area of Barrie Thursday afternoon after reports of a man armed with a crossbow.
The Orillia Soldier's Memorial Hospital School of Nursing held its 50th and final reunion Friday evening at the Hawke Ridge Country Club and Golf Course.
A multi-vehicle collision on Highway 400 in Bradford caused some traffic backups ahead of the weekend.
Windsor Fire Service is on the scene of a house fire in South Windsor this morning. A single-family dwelling was reported to have been the location of an early morning fire.
Students looking for work while they study had an opportunity to scope out the local employment scene on Wednesday when St. Clair College held its second annual part time job fair.
Hurricane Helene caused at least 52 deaths and billions of dollars of destruction across a wide swath of the southeastern U.S. as it raced through, and more than three million customers went into the weekend without any power and for some a continued threat of floods.
When NDP Leader David Eby announced this month that the province would open "secure facilities" to provide involuntary care for people with severe drug addiction or mental health problems, it represented a moment of policy unity with the rival B.C. Conservatives ahead of the fall election.
Ari Kinarthy never imagined he'd become the focus of photographers on a red carpet, back when he was a boy fighting to have fun.
In the last provincial election, the B.C. Conservatives fielded just 19 candidates — and received less than 2 per cent of the vote.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
The sentencing for three men convicted of helping lead and coordinate the COVID-19 protest blockade at Coutts, Alta., in 2022 has been delayed.
A 10-year-old boy from Lethbridge is being praised as a hero after a routine summer outing at the pool nearly turned tragic for his friend.
A man and woman have been charged after a Lethbridge ice creamery was broken into earlier this week. Staff arrived at Cookie Crimes, in the 300 block of Sixth Street South, just before 5:30 a.m. on Monday to discover the front window broken.
Thankfully, there were no fire calls Friday morning in Elliot Lake when the Stanley Cup arrived at the fire hall.
Police in Sault Ste. Marie have charged a 47-year-old suspect after a 911 caller reported someone asleep in line at a local drive-thru.
At its meeting Oct. 1, city council in Sault Ste. Marie will vote on a staff recommendation to buy the former Sault Area Hospital site on Queen Street East and Lucy Terrace.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
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