NVIDIA'S PROFIT SOARS.UNDERSCORING ITS DOMINANCE IN CHIPS FOR ARTIFICIAL INTELLIGENCE

Nvidia on Wednesday overshot Wall Street estimates as its profit skyrocketed, bolstered by the chipmaking dominance that has made the company an icon of the artificial intelligence boom.

Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first quarter that ended April 28 from $2.04 billion a year earlier. Revenue more than tripled, rising to $26.04 billion from $7.19 billion in the previous year.

“The next industrial revolution has begun," CEO Jensen Huang declared on a conference call with analysts. Huang predicted that the companies

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, partly because founder and CEO Jensen Huang began to nudge the company into what was then seen as a still half-baked technology more than a decade ago. It also makes chips for gaming and cars.