Investors eagerly awaiting the company's
Nvidia generated $26.04 billion in Q1 revenue, up 262% year over year, while net income of $14.88 billion was a jump of 628% from the $2.04 billion the company had posted in the same quarter last year.
The company also said it was increasing its cash dividend by 150% to $0.10 per share.
"The next industrial revolution has begun," declared Nvidia founder and Chief Executive Jensen Huang. Indeed, it has.
Next quarter, Nvidia plans to generate even more in sales: $28 billion, plus or minus 2%. The kicker? The forecast was above what analysts thought the company would be able to generate:
Nvidia is basing its revenue forecast on the success of the
"We are poised for our next wave of growth. The Blackwell platform is in full production," Huang said.
With so much positive news, it's no wonder the company's stock has hit a
But that's not all; with yet another jump in the company's stock price, Nvidia is slowly
The only other company valued at above $3 trillion is
"This still doesn't feel like bubble territory," Derren Nathan, head of equity analysis at Hargreaves Lansdown,
There is so much interest in Nvidia stock that the company has decided to make it easier for investors to own a piece of the pie. In its earnings announcement, Nvidia said it would be breaking down its shares at a ratio of 10-for-1 to make stock ownership "more accessible to employees and investors."
What a great time to be Nvidia.
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Former OpenAI Employee Spills the Beans on Sam Altman Ouster 🤯
Sam Altman concealed the existence of ChatGPT from OpenAI's board.
That's coming from former board member Helen Toner, who
The
"After years of these kinds of things, all four of us who fired him came to the conclusion that we just couldn't believe things that Sam was telling us," Toner said.
Worryingly, Sam also apparently gave the board inaccurate information on the safety processes for AI.
All of this boiled over into the board deciding to kick Sam out, only for him to return just a few days later with Microsoft's blessing and
"We are disappointed that Miss Toner continues to revisit these issues," OpenAI board chair Bret Taylor
Meanwhile, on the safety front, OpenAI said it had formed a committee that would deliver recommendations on "critical safety and security decisions for OpenAI projects and operations."
Altman will serve on the three-member board.
For their first task, the OpenAI Safety and Security Committee will "evaluate and further develop OpenAI’s processes and safeguards over the next 90 days," the startup said in a
Despite the serious allegations, neither OpenAI nor Altman seem to be going anywhere. In fact, the company continues to partner with industry heavyweights such as
That is some serious backing.
In Other News.. 📰
- BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale — via
CoinDesk - AI models have favorite numbers because they think they’re people — via
TechCrunch - Prisoners are using VR to prepare them for life after release — via
CNN - US court to hear challenges to potential TikTok ban in September — via
Reuters - Sam Altman is starting to look a lot like Mark Zuckerberg — via
Axios - China’s $47.5 billion chip fund will likely focus on AI amid U.S. export curbs — via
CNBC
And that's a wrap! Don't forget to share this newsletter with your family and friends! See y'all next week. PEACE! ☮️
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*All rankings are current as of Monday. To see how the rankings have changed, please visit HackerNoon's
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