• Bay Area Times
  • Posts
  • NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

Brought to you by:

Top stories today:

  1. NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, net income at $14.9B
  2. Groq in talks to raise $300M at potential $3B+ valuation
  3. Pro-crypto FIT21 bill passes in House by 279-136

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

  • Guidance of $28.0B (2% margin of error) for Q2.

    • QoQ growth would slow to a still impressive 8%, from 18% this quarter.

  • 10:1 stock split announced.

  • Stock +7% in the pre-market to $2.5T market cap.

    • #3 largest company in the world.

  • The big question: until when can NVIDIA enjoy monopoly-like profit margins? AMD, Intel, Microsoft, Google, Meta, and Apple are all developing AI chips as we speak.

2. Groq in talks to raise $300M at potential $3B+ valuation

Groq is seen today as the fastest and cheapest way to run open source models like Llama 3, due to its LPU chips, designed specifically for AI inference:

  • Morgan Stanley has been hired.

  • Previously raised $367M+ from Tiger, D1, and others at $1B+.

  • Access thousands of tokens across Ethereum, Base, Arbitrum, and 7+ chains directly from your smartphone.

  • The Uniswap Wallet App was built with security in mind, with built-in features like recovery phrase backup and Face ID requirements, keeping your funds safe at all times.

  • Claim your free username when you onboard, which lets you easily send and receive funds without having to deal with a lengthy wallet address.

*Sponsored.

4. Pro-crypto FIT21 bill passes in House by 279-136

CSPAN.

  • Senate approval TBD, as no counterpart bill is available.

  • The CFTC would be the leading regulator of digital assets under this bill, which would more clearly define what makes a crypto a security or a commodity.

  • Biden opposes bill but did not say he would veto it.

5. South Korea announces $19B package for chips industry

  • Plan was $7B just 2 weeks ago.

  • Samsung and SK Hynix the major beneficiaries.

6. TSMC continues leading foundry market with 62% market share, as broad sales -5% QoQ, +12% YoY

7. Interesting videos, posts, and memes

8. Other headlines

AI

  • OpenAI strikes 5-year, $250M deal with News Corp.

    • Leaked docs reveal aggressive strategy towards employees.

  • DeepL, generative AI for translation, raises $300M at $2B.

  • TikTok launches AI-powered “Symphony Creative Studio” for ads.

  • Scarlett Johansson’s voice wasn’t used for ChatGPT’s Sky voice: OpenAI.

  • Adept, which raised at $1B+, in talks with potential buyers, including Meta.

  • AI disclosure required in campaign ads: FCC chair.

  • Amazon’s Alexa to be upgraded with AI, monthly subscription fee.

  • LLM technology will never lead to superintelligence: Meta AI chief.

  • Cara automates B2B prospecting, copywriting and cold outreach.*

*Sponsored.

Tech earnings

Tech

  • SpaceX launches 1st spy satellites.

  • Meta creates 4-person Advisory Group for guidance on AI, metaverse products.

  • Linktree reaches 50M users, rolling out social commerce program.

  • Athyna: Hire high-quality, affordable remote talent.*

  • Swissnex in San Francisco invites you to a pitch night with eight of the most promising Swiss startups!*

*Sponsored.

Tech & law

  • Ticketmaster may be sued over antitrust by DOJ, who seeks breakup.

  • WhatsApp vulnerability allows governments to see who you chat with.

Biotech

  • Limula raises $6.8M for cell, gene therapy manufacturing automation.

  • Exercise improves neurogenesis via restoration of microglia.

  • Pfizer announces another $1.5B in cost cuts.

Business

Crypto

  • MetaMask may add Bitcoin support in June.

  • SBF being transferred from NY to new prison, likely in CA.

*Sponsored.

U.S. politics

World

  • UK general elections called early by Sunak on Jul. 4.

  • Hamas video show capture of female Israeli soldiers.

  • Blinken wants Biden to lift restrictions on how Ukraine uses U.S. arms.

  • China launches “punishment” war drills around Taiwan.

Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).

What did you think of today's newsletter?

Login or Subscribe to participate in polls.

Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team. 

Please read our Terms of Service and our Privacy Policy before using Our Service.

Subscribe to keep reading

This content is free, but you must be subscribed to Bay Area Times to continue reading.

Already a subscriber?Sign In.Not now