Nvidia’s profit hits US$58.3 billion as AI boom gathers more steam

The chipmaker’s biggest problem appears to be meeting demand from its spendthrift tech industry customers Published Thu, May 21, 2026 · 07:39 AM [SAN FRANCISCO] Another huge quarterly profit announced by chipmaker Nvidia on Wednesday (May 20) provided solid evidence that Silicon Valley’s artificial intelligence spending spree is still gathering steam.

Nvidia’s profit hits US$58.3 billion as AI boom gathers more steam. The chipmaker’s biggest problem appears to be meeting demand from its spendthrift tech industry customers Published Thu, May 21, 2026 · 07:39 AM [SAN FRANCISCO] Another huge quarterly profit announced by chipmaker Nvidia on Wednesday (May 20) provided solid evidence that Silicon Valley’s artificial intelligence spending spree is still gathering steam. Nvidia said that profit in its most recent quarter was US$58.3 billion, up 211 per cent from a year ago and topping expectations by financial analysts. Just three years ago, the Silicon Valley company’s quarterly profit was US$2 billion – about a 30th of what it is today. Nvidia’s chips are an essential part of big AI projects , and other tech companies have been lining up to spend tens of billions of US dollars on those chi...