SoftBank has cashed out of Nvidia, liquidating its stock holdings for $5.83 billion that it will reportedly use to fund what CNBC describes as “its ‘all in’ bet on ChatGPT maker OpenAI.” The sell-off was disclosed in SoftBank’s most recent earnings statement, which indicated 32.1 million Nvidia shares were sold in October. The Japanese conglomerate also said it sold part of its T-Mobile holdings for $9.17 billion. “Through those options and tools we make sure that we are ready for funding in a very safe manner,” SoftBank CFO Yoshimitsu Goto said at an investor presentation. SoftBank announced a four-to-one stock split yesterday, while Nvidia shares were down 1.7 percent on the sell-off news. Continue reading SoftBank Sells Off Nvidia Shares to Pursue OpenAI, Robotics

Nvidia just wrapped a record quarter, with no sign of interest cooling for the GPUs that have become essential to powering the AI boom. Revenue for the company’s most recent quarter was a record $26 billion, up 262 percent year-over-year. Profit also hit a new high, up nearly sevenfold to $14.88 billion compared to the same period a year earlier. The performance drove the already buoyant stock price above $1,000 a share. Company founder and CEO Jensen Huang proclaimed, “the next industrial revolution has begun,” with Nvidia playing a pivotal role in transforming data centers into “AI factories.” Continue reading Nvidia Reports Record Revenue, Profits as AI Demand Surges

Google parent Alphabet posted Q4 2021 revenue of $75.33 billion, a 32 percent increase over the same period in 2020 that outperformed expectations. The blowout results were attributed to small and large businesses embracing digital advertising as a way to reach consumers housebound by COVID-19. Profits rose 36 percent to $20.64 billion in Q4. Alphabet revenue for the year ending December 31 was $257.6 billion, a 41 percent increase over 2020. The company also announced a 20-for-1 stock split. Alphabet CEO Sundar Pichai cited “a quarterly sales record for our Pixel phones despite supply constraints” among the achievements. Continue reading Google Advertising Puts Alphabet Profit Up 36 Percent in Q4