Nvidia's Record $96.2 Billion Quarter and $108 Billion Forecast Signal AI Boom's Economic Weight

According to The Verge, Nvidia's overall revenue in the past quarter rose by more than $10 billion from the previous quarter to $96.2 billion, while profit more than doubled to $59.7 billion. Data center revenue alone more than doubled year over year to a record $89 billion. Nvidia predicted it will take in $108 billion in the current quarter. It would not be the first company to exceed $100 billion in quarterly revenue; Amazon, Apple and Alphabet have repeatedly reached that milestone. Nvidia's edge computing category, which includes consumer gaming, brought in $7.2 billion, up 27 percent from a year earlier, though the company cited slower consumer PC sales and elevated memory and systems prices. Component shortages continue to push up prices for consumer GPUs, and Nvidia has warned of price hikes for its AI chips.

Speaking on Bloomberg's 'Balance of Power: Late Edition,' Zandi said AI is already supporting the demand side of the economy and adding modestly to inflation, but clear productivity gains have not yet appeared. He argued that such gains are essential to sustaining company valuations. Zandi also said he expects Federal Reserve Chair Kevin Warsh's Jackson Hole speech to be relatively quiet and not to move markets.

On the same program, Bloomberg reported that Meta has settled a landmark teen social media case. Utah Governor Spencer Cox, a Republican, said the settlement amount should have been much higher, but argued that the more consequential result is the equitable relief requiring child accounts, age-gating, parental controls, algorithm changes, overnight restrictions and healthy pauses.