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Nvidia’s high-flying earnings aren’t good enough

September 03, 2024
 Scott Nover
​FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023.
FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023.
REUTERS/Dado Ruvic/Illustration/File Photo

Nvidia’s earnings reports have become a cultural phenomenon, with super-fan investors even throwing watch parties to tune into how high-flying the chip maker’s marks will be each quarter.

Last week, Nvidia, whose chips have fueled the current AI boom, reported more than $30 billion in sales in the second quarter of its fiscal year, up 122% from the same quarter last year. But even though it beat Wall Street analyst predictions, the stock sagged 7% after the report.

Nvidia’s stock is up 147% since the start of 2024, leading the hottest part of the stock market. While some wonder if AI is little more than a speculative bubble with AI stocks soaring, Nvidia is now the third-most-valuable company globally, and the biggest question each quarter is: How good is good enough for investors?

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What is Artificial Intelligence “good” for?

Demonstration of AI innovation at the AI for Good Summit in Geneva, Switzerland, on July 7, 2025.
Photo courtesy of ITU

Since ChatGPT burst onto the scene in late 2022, it’s been nearly impossible to attend a global conference — from Davos to Delhi — without encountering a slew of panels and keynote speeches on artificial intelligence. Will AI make our lives easier, or will it destroy humanity? Can it be a force for good? Can AI be regulated without stifling innovation? At the ripe old age of eight, the AI for Good Summit is now a veteran voice in this rapidly-evolving dialogue. It kicks off today in Geneva, Switzerland, for what promises to be its most ambitious edition yet.

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