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Nvidia shares jump 13% after sales surge on AI ‘tipping point’

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Nvidia shares jump 13% after sales surge on AI ‘tipping point’

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Nvidia shares jumped after the world’s most valuable chip company reported a 265 per cent increase in quarterly revenues and projected even stronger sales thanks to a spending frenzy on artificial intelligence.

Revenues were $22.1bn in the fourth quarter, far exceeding Wall Street expectations of $20.4bn, Nvidia said on Wednesday evening, adding that it expected revenues for the current quarter to be $24bn.

“Accelerated computing and generative AI have hit the tipping point,” said Nvidia founder and chief executive Jensen Huang. “Demand is surging worldwide across companies, industries and nations.”

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Nvidia’s shares gained more than 13 per cent in pre-market trading on Thursday to $764.50. The move puts the chip company on course to leapfrog Amazon and Google parent Alphabet and become the third most valuable US-listed company behind Microsoft and Apple.

Nvidia has been the biggest single driver of a rally in the S&P 500 this year, powering about a quarter of the gains on the index. Its importance has become so great that some investors and analysts were anticipating Wednesday’s financial report as holding a marketwide risk akin to the release of inflation data.

Nvidia said earnings per share had reached $4.93 in the fourth quarter, beating analysts’ expectations of $4.59, according to LSEG estimates.

Net income rose 770 per cent to $12.3bn compared with the same period in the previous year. The figure exceeded analysts’ expectations of $10.4bn.

Nvidia, founded in 1993 as a provider of graphics cards for computer games, has become a proxy for AI demand as Big Tech companies such as Alphabet, Microsoft, Amazon and Meta have all increased their investment in AI computing. Its leading chips, such as the H100, have become the industry standard for AI developers to crunch data for large language models. This has heralded a new industry known as generative AI, spawning chatbots and other software that can learn, understand and generate information in the form of text, images and video.

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The rapid success of OpenAI’s ChatGPT helped turn the H100 chips into the hottest commodity in Silicon Valley last year. Meta plans to bring its total stock of H100 chips to 350,000 in 2024, chief executive Mark Zuckerberg said in January. Supply rather than demand has become the main constraint on Nvidia’s growth in the short term.

“Nvidia has enabled a whole new computing paradigm called generative AI,” Huang said on a call with investors on Wednesday. He said its highly-prized chips were “essentially AI-generation factories” of a new industrial revolution.

“Every company is built on their proprietary business intelligence and, in the future, their proprietary generative AI,” he added. “Now every industry is on board.”

Big Tech companies account for nearly 40 per cent of Nvidia revenues, but its customers have diversified as more industries rush to invest in hardware for AI computing. Huang said industries including automotive, financial services and healthcare were now spending on its chips “at a multibillion-dollar level”. He added sovereign nations including Japan, Canada and France were becoming larger Nvidia customers as they harness citizen data to create their own AI models.

Nvidia’s data centre division is its largest driver of sales, generating $18.4bn of revenue in the fourth quarter, up 409 per cent from the same period last year. Gaming chips produced $2.9bn of sales.

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Investors are paying close attention to whether Huang can maintain Nvidia’s stratospheric growth rates as its focus shifts to new products, such as its top-end AI chip, the B100, which is expected to start shipping later this year.

The company is also facing mounting competition, including a move by some customers to develop their own AI chips, as well as in China, which in the past accounted for a quarter of revenue. New US export rules for the semiconductor industry meant Nvidia was forced to limit the capabilities of its products in order to continue to sell to the region.

Even with sales to China dropping to a “mid-single digit percentage” of overall revenue, according to the company, its latest results were welcomed by analysts. Saxo Bank head of equity strategy Peter Garnry said it was an “insane” result. “I have never seen anything like this in my career. However, it will be increasingly difficult for Nvidia to exceed expectations, and this could be the last insane quarter.”

Video: The race for semiconductor supremacy | FT Film

This article has been updated to correct the relative size of Nvidia compared with other listed companies

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Paul Pelosi in hit-and-run in California, car left with major damage, authorities say

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Paul Pelosi in hit-and-run in California, car left with major damage, authorities say

Rep. Nancy Pelosi, D-Calif., and her husband Paul arrive at the funeral services for Clive Davis at Central Synagogue in New York, Monday, June 29, 2026.

Adam Gray/AP


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Adam Gray/AP

LOS ANGELES — The husband of former House Speaker Nancy Pelosi was involved in a hit-and-run in California that left a parked car with “major” damage authorities said Saturday, and he could face misdemeanor charges.

Paul Pelosi was driving his brown convertible Friday in Yountville, a town in the heart of wine country, when he struck a legally parked car on the side of the road, briefly stopped and then drove away, the Napa County Sheriff’s Office said in a statement. No injuries were reported.

A witness saw the collision and called 911. Shortly afterward sheriff’s deputies found Pelosi with damage to the front of his car on a road roughly a quarter of a mile away. He reportedly told officers he knew he hit something but was not sure when or what caused the damage.

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Pelosi, 86, did not have any alcohol in his system, according to the statement. The sheriff’s office referred him to the Department of Motor Vehicles for a process to determine whether he may continue to drive — something that officials say is common for older drivers.

Pelosi was not arrested, and because no one was injured, the sheriff’s office recommended a misdemeanor charge for fleeing the scene of an accident.

A staffer for Nancy Pelosi did not immediately respond to an email seeking comment.

Paul Pelosi pleaded guilty in 2022 to misdemeanor charges of driving under the influence in Napa County and was sentenced to five days in jail and three years of probation. However, he served only two days in jail and received good conduct credit for two other days, leaving just one day to serve in a work program at the courthouse.

As part of his probation, Pelosi was required to attend a three-month drinking driver class and install an ignition interlock device, which forces drivers to provide a breath sample to prove sobriety before the engine will start. He also was ordered to pay about $5,000 in victim restitution for medical bills and lost wages, along with nearly $2,000 in fines.

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Crowds ordered to evacuate National Mall area as stormy weather slams DC

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Crowds ordered to evacuate National Mall area as stormy weather slams DC

The thousands of people attending the Great American State Fair and other areas around the National Mall are being ordered to evacuate as stormy weather approaches.

The National Weather Service previously announced a Severe Thunderstorm Warning in the District. Officials are asking attendees to seek shelter.

SEE ALSO: Historic Fourth of July fireworks to light up National Mall: How to watch live

The DC Homeland Security & Emergency Management released a list of places where the crowds can go to get out of the weather:

Federal Buildings:

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  • Ronald Reagan Building – 100 Pennsylvania Ave NW
  • Dept. of Commerce – 1401 Constitution Ave NW
  • Dept. of Agriculture – 1400 Independence Dr SW
  • Dept. of Education – 400 Maryland Ave SW
  • Internal Revenue Service – 1111 Constitution Ave NW
  • Voice of America – 330 Independence Ave SW
  • Thomas Jefferson Memorial – 16 E Basin Dr SW

Museums:

  • National Museum of American History – 1300 Constitution Ave NW
  • National Museum of Natural History – 1000 Constitution Ave NW
  • National Museum of African American History and Culture – 1400 Constitution Ave NW

Freedom 250 organizers released this statement:

“The safety of our guests, performers, and staff is our top priority. Due to approaching severe storms, Freedom 250, United States Secret Service, United States Park Police, National Park Service, the Federal Emergency Management Agency, and all public safety partners are asking all guests to evacuate event grounds and seek temporary shelter in a nearby building. Available shelter locations include the Department of Commerce, Department of Education, Department of Agriculture, Internal Revenue Service, VOA Building, Thomas Jefferson Memorial, National Museum of American History, National Museum of Natural History, the African American Museum, and the Ronald Reagan Building. Please remain calm, follow the directions of law enforcement and event staff, and stay tuned to Freedom 250’s official channels for updates. Freedom 250 will share updates on programming and doors reopening — please stay close to our official channels for updates.”

The Secret Service said they have suspended screening on the National Mall.

“Security screening on the National Mall has been suspended due to dangerous storms,” the Secret Service said. “If you are already on the grounds, follow directions from officers and event staff and move to shelter immediately. Do not shelter under trees.”

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Metro riders are also asked to seek shelter. Commuters should expect heavy crowds at stations near the National Mall and are asked to consider using L’Enfant Plaza, Metro Center, Archives, Federal Triangle or Federal Center SW stations to avoid congestion.

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Reflections on America’s 250th birthday

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Reflections on America’s 250th birthday

The nation’s capital may be the focal point of the 250th Independence Day celebration, but people all across America have plans to mark the occasion, from boisterous public parades to quiet personal reflections on history.

Julia Demaree Nikhinson/AP


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Julia Demaree Nikhinson/AP

As the United States turns 250 years old, Americans across the country are spending the holiday thinking about what the big birthday means to them, with reflections and celebrations as diverse as the nation itself.

NPR’s member station reporters fanned out to collect snapshots of the occasion from sea to shining sea.

In one ‘City of Presidents,’ Main Street is decorated for a party

At least two cities in the U.S.call themselves the “City of Presidents” and Cuba City, in Wisconsin, is one of them, largely due to its patriotic Main Street decorations. Every year from Memorial Day through Veteran’s Day, red, white, and blue shields, one for each U.S. president, are prominently displayed high up on the light poles lining Main Street.

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It’s a tradition that began in 1976 to commemorate the country’s bicentennial, says Donna Rogers, who is president of the ongoing project but admitted that when it first started, she wasn’t particularly tuned-in to the display.

“I was raising three little boys and working at John Deere, so I didn’t really pay too much attention to community service at that time,” she said.

Donna Rogers shows off one of Cuba City's presidential lampposts.

Donna Rogers shows off one of Cuba City’s presidential lampposts.

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A few years later, she was tapped to help keep the initiative alive.

When she thinks of the country’s history, she says the signing of the Declaration of Independence and abolition of slavery top her list, plus a current event–

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“Of course, now, our nation’s 250th birthday. I think those three would be the three most important things in history to me,” she said, quickly adding “[the] right for women to vote, don’t forget that, right?”

Rogers and Cuba City are pulling out all the stops for the 250th, with a parade and a mac-and-cheese festival, because “that was some of our founding fathers favorite foods, along with turkey and cranberries and other items.”

She laughed and admitted she googled that. True or not, Rogers says they’ll go all-out to celebrate the 250th in her “City of Presidents”.

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