Nvidia's profits soar as AI boom shows no sign of slowing down

Nvidia, the chipmaker at the centre of the boom in artificial intelligence (AI), has reported a seven-fold jump in profit, sending its stock to a record high. The Santa Clara, California-based company said on Wednesday that net income rose to 14.88bn in the first quarter, up from 2.04bn a year earlier. Revenue more than tripled to 26.04bn, well above analysts' forecasts. Nvidia forecast revenue would hit 28bn, plus or minus 2 percent, in the second quarter, also beating analysts' forecasts. Nvidia also announced it would split its stock 10-for-1, effective June 7, to make its shares more accessible, and raise its quarterly dividend by 150 percent to 1 cent per share.