Nvidia's profit soars 7-fold on AI-related demand

Chipmaker Nvidia says its profit soared more than seven-fold in the most recent quarter.

The US-based company makes semiconductors that power generative-AI systems.

Net income during the period to April came in at over 14.8 billion dollars. It was on revenue that more than tripled from last year to about 26 billion dollars. About 87 percent of the total came from the company's data-center division.

Demand for Nvidia's devices was fueled by intense competition among US IT giants, as they rolled out new and upgraded generative-AI services.

The company's earnings beat market expectations.

It sees its strong business performance continuing, forecasting revenue of around 28 billion dollars for the current quarter.