NVIDIA REVENUE JUMPS 122% IN POSITIVE SIGN FOR TECH'S A.I. BOOM

Summary from the TLDR newsletter

Nvidia recently reported that its sales and profits had more than doubled during the last quarter. The company also projected that sales in the current quarter will increase by 80% compared to a year ago, exceeding earlier estimates. Nvidia's revenue was $30.04 billion last quarter, and its net income rose to $16.95 billion. It will spend $50 billion on repurchasing its own shares. Nvidia now supplies more than 90% of the chips essential to building AI, but competition is on the rise, with other companies developing custom chips to lessen their dependence on Nvidia.