Tesla Partner Nvidia Smashes Q1 Views On 'Sweeping' AI Adoption

Tesla Motors (TSLA) partner Nvidia (NVDA) rocketed late Thursday after the maker of graphics chips beat Q1 sales expectations and topped earnings views by a penny, led by faster adoption of artificial intelligence technology that utilizes Nvidia graphics chips. In after-hours trading after its earnings release, Nvidia stock was up nearly 6%, rebounding from a 1.4% dip, to 35.57, in the regular session. Shares are up 8% for the year. For Q1, Nvidia reported 1.3 billion in sales and 33 cents earnings per share, up a respective 13% and 38% vs. the year-earlier quarter, and topping the consensus of 26 analysts polled by Thomson Reuters for 1.26 billion and 32 cents. CEO Jen-Hsun Huang credited accelerated growth of deep-learning, or AI, technology for the Q1 beat.