2026-05-23
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Take your team from AI novice to AI native.
Hey listeners, it's Friday, May 22nd.
I'm Dan Gallagher for The Wall Street Journal, and this is What's News in Earnings,
a look at some of the biggest themes standing out in this earnings season.
Chip companies make up about a fifth of the market cap of the S&P 500, and the industry's dominance is only growing.
A rise in what's known as artificial intelligence agents is fueling even more demand for those chips.
NVIDIA is the largest player in AI chips by far.
And its latest quarter showed blistering growth in sales and profits, and those results beat Wall Street's expectations.
But other companies are now coming for a piece of NVIDIA's business.
That includes the newly public Cerebrus, whose hot IPOs set the stage for other AI debuts expected later this year.
And it includes tech giants like Google and Amazon,
who are now making their own AI chips and starting to consider how to sell those to other companies.
Joining me to break down NVIDIA's results and what they mean for the AI industry is tech reporter Robbie Whelan.
So, Robbie, NVIDIA's numbers were predictably huge.
CEO Jensen Wong said on the company's earnings call that demand has gone, quote, parabolic.
Agentic AI has arrived.
AI can now do productive and valuable work.
Tokens are now profitable, so model makers are in a race to produce more.
In the AI era, compute capacity is revenue and profits.