Nvidia’s profit soars, underscoring its dominance in chips for artificial intelligence

SAN FRANCISCO (AP) — Nvidia overshot Wall Street estimates as its quarterly profit skyrocketed, bolstered by the chip-making dominance that has made the company an icon of the artificial intelligence boom. Net income rose more than sevenfold compared to a year earlier, jumping to $14.9 billion in the first quarter from $2 billion a year earlier. Revenue more than tripled in the quarter, rising to $26 billion from $7.2 billion in the previous year. It also announced a 10-for-1 stock split, a move that it noted will make its shares more accessible to employees and investors. The company, based in Santa Clara, California, carved out an early lead in the hardware and software needed to tailor its technology to AI applications.