Nvidia’s profit soars, underscoring its dominance in chips for artificial intelligence

SAN FRANCISCO (AP) — Nvidia on Wednesday overshot Wall Street estimates as its profit skyrocketed, bolstered by the chip-making dominance that has made the company an icon of the artificial intelligence boom.

Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in the first quarter from $2.04 billion a year earlier. Revenue more than tripled, rising to $26.04 billion from $7.19 billion in the previous year.

The company reported earnings per share adjusted to exclude one-time items of $6.