TNB Tech Minute: Nvidia’s Business Is Booming Despite Tariffs
WSJ Tech News Briefing
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Here's your TNB Tech Minute for Wednesday, May 28. I'm Victoria Craig for The Wall Street Journal. Despite tariffs blocking Nvidia's ability to ship $2.5 billion worth of chips to China, business is still booming for the American chip giant.
After the closing bell on Wall Street this afternoon, the company said revenue last quarter jumped 69 percent from a year ago to just more than $44 billion, topping expectations. Nvidia also said revenue from its data center business surged 73 percent from the same quarter a year ago to $39.1 billion.
Elsewhere on stage at the Wall Street Journal's annual Future of Everything event here in New York City, General Motors Chief Executive Mary Barra said she still envisions an all-electric future for her company, but regulations are moving faster than consumers. Speaking to WSJ Editor-in-Chief Emma Tucker, Barra said how quickly GM can get to all-EV depends how quickly the industry can ramp up charging station infrastructure, innovate to lower costs, and expand battery range.
Her comments come on the heels of an announcement that GM is investing nearly $900 million to make the newest V8 engines at its upstate New York plant, rather than investing in EV production at that plant.
And finally, a criminal investigation in France of Telegram's CEO hasn't stopped the company from winning over investors. People familiar with the matter say the messaging app is set to raise at least $1.5 billion in a new five-year bond issue today, set to price it a 9% yield. They add that it has support from new and existing backers, including U.S.-based asset manager BlackRock and an Abu Dhabi state-owned investment company. New investors, the sources say, include hedge fund firm Citadel.
For a deeper dive into what's happening in tech, check out Thursday's Tech News Briefing podcast.