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
Second doctor in Matthew Perry overdose case sentenced to home confinement
- Dr. Mark Chavez, 55, a onetime San Diego-based physician, pleaded guilty in federal court in October
- Judge Sherilyn Peace Garnett also sentenced Chavez to 300 hours of community service
LOS ANGELES: A second California doctor was sentenced on Tuesday to eight months of home confinement for illegally supplying “Friends” star Matthew Perry with ketamine, the powerful sedative that caused the actor’s fatal drug overdose in a hot tub in 2023.
Dr. Mark Chavez, 55, a onetime San Diego-based physician, pleaded guilty in federal court in October to a single felony count of conspiracy to distribute the prescription anesthetic and surrendered his medical license in November.
Judge Sherilyn Peace Garnett also sentenced Chavez to 300 hours of community service. As part of his plea agreement, Chavez admitted to selling ketamine to another physician Dr. Salvador Plasencia, 44, who in turn supplied the drug to Perry, though not the dose that ultimately killed the performer. Plasencia, who pleaded guilty to four counts of unlawful drug distribution, was sentenced earlier this month to 2 1/2 years behind bars.
He and Chavez were the first two of five people convicted in connection with Perry’s ketamine-induced death to be sent off to prison.
The three others scheduled to be sentenced in the coming weeks — Jasveen Sangha, 42, a drug dealer known as the “Ketamine Queen;” a go-between dealer Erik Fleming, 56; and Perry’s former personal assistant, Iwamasa, 60.
Sangha admitted to supplying the ketamine dose that killed Perry, and Iwamasa acknowledged injecting Perry with it. It was Iwamasa who later found Perry, aged 54, face down and lifeless, in the jacuzzi of his Los Angeles home on October 28, 2023.
An autopsy report concluded the actor died from the acute effects of ketamine,” which combined with other factors in causing him to lose consciousness and drown.
Perry had publicly acknowledged decades of substance abuse, including the years he starred as Chandler Bing on the hit 1990s NBC television series “Friends.”
According to federal law enforcement officials, Perry had been receiving ketamine infusions for treatment of depression and anxiety at a clinic where he became addicted to the drug.
When doctors there refused to increase his dosage, he turned to unscrupulous providers elsewhere willing to exploit Perry’s drug dependency as a way to make quick money, authorities said. Ketamine is a short-acting anesthetic with hallucinogenic properties that is sometimes prescribed to treat depression and other psychiatric disorders. It also has seen widespread abuse as an illicit party drug.
