Nvidia’s profit for the last 12 months hit $120 billion, the chip giant said on Wednesday, providing ample evidence that it is cashing in on the tech industry’s artificial intelligence boom more than any other company in the world.
Only a handful of companies, including Alphabet, Microsoft and Apple, have made a profit as much as $100 billion in a year. And none of them have grown as quickly. Just three years ago, Nvidia’s profit was $4. 4 billion.
Nvidia controls about 90 percent of the market for the cutting-edge semiconductors that power A. I. projects. More than anyone else, it will benefit from the plans of Google, Amazon, Microsoft and Meta to spend more than half a trillion dollars this year building A. I. data centers.
That spending is starting to unsettle Wall Street, and Nvidia’s share price has been relatively flat in recent months. But the financial results reported by the company on Wednesday showed that demand for Nvidia’s chips was still growing at an astonishing rate.
In the three months that ended in January, the company said, sales of its chips for A. I. data centers rose 71 percent to $61. 7 billion. The business helped lift Nvidia’s total revenue for the period to $68. 1 billion, surpassing Wall Street’s expectations of $66. 2 billion.
Total profit for the period nearly doubled from a year earlier to $43 billion. For the first time, it topped the recent profits of other big technology companies, including Apple, Microsoft and Alphabet. We are having trouble retrieving the article content.
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