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.

Nvidia reported record quarterly revenue Wednesday on the back of the explosion in corporate appetite for artificial intelligence. "The next industrial revolution has begun – companies and countries are partnering with Nvidia … to produce a new commodity: artificial intelligence," said Jensen Huang, founder and CEO of Nvidia. The company brought in 26bn in revenue in the first quarter of fiscal year 2025, up 18% from Q4 and up 262% from a year ago. Net profit was 14.88bn, up from 2bn a year before. The AI chip maker, whose fortunes are interpreted as a bellwether for the AI transformation under way, reported earnings per share were 5.98, up 21% from the previous quarter and up 629% from a year ago.