SAN FRANCISCO: Nvidia shares climbed Wednesday after it beat quarterly earnings expectations on fierce demand for its sophisticated chips for powering artificial intelligence.
The solid results come amid increasing talk among Wall Street analysts of an AI bubble, with all eyes on how Nvidia, the industry’s bellwether company, will weather the doubts.
Nvidia reported profit of $31.9 billion on record-high quarterly revenue of $57 billion, sending shares up more than 3 percent.
It also took in some 60 percent more money in the quarter than it did during the same period the prior year, according to earnings figures.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” Nvidia chief executive Jensen Huang said in an earnings release, referring to the latest model of its state-of-the-art hardware.
“The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries.”
Revenue in the current quarter is expected to be $65.0 billion, nearly $3 billion more than forecast by Wall Street analysts.
Most of the money brought in during the recently ended quarter came from Nvidia’s unit devoted to graphics processing units for data centers.
The company’s data center business generated $51.2 billion in revenue, up 25 percent from the previous quarter and 66 percent year-on-year.
In the period, Nvidia announced strategic partnerships with OpenAI to deploy at least 10 gigawatts of systems for next-generation AI infrastructure, while Anthropic will adopt one gigawatt of compute capacity using Nvidia’s latest systems.
Nvidia was valued at more than $4.5 trillion based on the number of outstanding shares.
AI industry rivals have been pouring billions of dollars into Nvidia’s prized GPUs to power the technology despite questions regarding how the investments will pay off.
Nvidia is caught up in President Donald Trump’s trade war with China, where Beijing has responded by expressing national security concerns about Nvidia chips and urging Chinese businesses to rely on local suppliers instead.
Nvidia serves as a bellwether and became the first company to reach $4 trillion in market value last July.
Nvidia reports ‘off the charts’ demand for AI chips
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Nvidia reports ‘off the charts’ demand for AI chips
- Nvidia reported profit of $31.9 billion on record-high quarterly revenue of $57 billion
Messi to unveil 21-meter statue of himself on India ‘GOAT’ tour
- Iron sculpture in Kolkata is part of a so-called GOAT Tour that will take in four Indian cities
- Messi won his second consecutive Major League Soccer Most Valuable Player award this week
KOLKATA: Lionel Messi will unveil a 21-meter (70-foot) statue of himself in India on Saturday as he embarks on a three-day tour of the country that has sparked a fan frenzy.
The iron sculpture in Kolkata, which shows Messi holding aloft the World Cup, is part of a so-called GOAT Tour that will take in four Indian cities and a possible meeting with Prime Minister Narendra Modi.
The 38-year-old Argentina and Inter Miami superstar will unveil the monument virtually rather than in person for security reasons.
A “Hola Messi” fan zone has also been set up in Kolkata where on display is a life-sized replica of Messi sat on a throne.
The hall also recreates his Miami home, complete with mannequins of his family members.
Football fan Samir Nandy said it would be “a dream come true” to catch a glimpse of his idol.
“Legends are not made by success alone. It is his resilience that made me believe in him,” Nandy, 64, said in Kolkata.
“The statue is a fitting tribute to him.”
Monti Paul, the statue’s main sculptor, said the structure was built inside 40 days.
“It’s a matter of pride to build the sculpture of Messi. It’s the tallest statue I have made,” he said.
The eight-time Ballon d’Or winner will also meet Bollywood superstar Shah Rukh Khan and former India cricket captain Sourav Ganguly during his whirlwind trip to Kolkata.
Ahead of his arrival, Messi said it was an honor to visit India and interact with the fans.
“India is a very special country and I have good memories from my time there 14 years ago — the fans were fantastic,” Messi said in a statement.
“India is a passionate football nation and I look forward to meeting a new generation of fans while sharing the love I have for this beautiful game.”
After Kolkata, where Messi will play a short friendly match, he will head to Hyderabad, Mumbai and New Delhi.
In Hyderabad he will attend a concert in his honor and play another friendly.
He is reportedly scheduled to meet Modi in the capital.
Messi won his second consecutive Major League Soccer Most Valuable Player award this week after propelling Inter Miami to the MLS title and leading the league in goals.
The former Barcelona and Paris Saint-Germain attacker will spearhead Argentina’s defense of the World Cup in June-July in North America.
