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AI boom drove Nvidia profits up 580% last year
Last year was a breakout year for artificial intelligence and no company benefited from the trend quite like chipmaker Nvidia. Nvidia’s profits grew to nearly $12.3 billion in the three months ended January 28 — up from $1.4 billion in the year-ago quarter, a gain of 769% year-over-year and even stronger growth than Wall Street analysts had expected, the company reported Wednesday. That result helped bring the company’s full-year profits up more than 580% from the year earlier. Nvidia also posted fourth quarter revenue gains of 265% year-over-year, also exceeding analyst projections, as the company continues to ... (full story)