Nvidia, Powered by A.I. Boom, Reports Soaring Revenue and Profits
The Silicon Valley company was again lifted by sales of its artificial intelligence chips, but it faces growing competition and heightened expectations.
The Silicon Valley company was again lifted by sales of its artificial intelligence chips, but it faces growing competition and heightened expectations.
The company continues to lean on customers’ appetite for apps and services, as demand for its devices weakens.
The company also reported that profit more than tripled, to $10.4 billion, topping Wall Street expectations.
The tech giant’s quarterly results included strong growth in cloud computing, fueled by its services in generative artificial intelligence.
The first-quarter results are likely to fuel worries that competitors will continue grabbing a bigger slice of a market dealing with slowing electric car sales.
General Motors has struggled with electric vehicles and in foreign markets but it is selling lots of combustion engine cars and trucks in North America.
The company’s revenue was 15 percent higher compared with last year, and it solidified its standing as the entertainment company’s dominant streaming service.
Sales of the company’s electric cars dropped in the first three months of the year, even as other automakers sold more battery-powered vehicles.
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