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Nov. 19 (UPI) — Tech giant Nvidia on Wednesday posted record revenue and strong profit for the third quarter, beating Wall Street expectations, amid exploding growth in artificial intelligence.

Nvidia, which has the world’s largest market capitalization at $4.5 trillion, reported record sales. It said sales grew 62% in one year to $57 billion through Oct. 26. Wall Street had projected a $54.9 billion figure.

On Oct. 29, Nvidia became the first company worldwide with a $5 trillion cap one day before CEO Jensen Huang met with President Donald Trump in the White House.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang said during a conference call with investors.

Fourth-quarter sales are estimated to be around $65 billion, contrasting with $61.66 billion by analysts.

Profit was up 65% from last year in the quarter to $31.9 billion or 78 cents per share, slightly ahead of expectations. The net income represents 58% of revenue.

NVIDIA will pay its next quarterly cash dividend of 1 cent per share on Dec. 26.

Nvidia builds chips and software platforms for the AI industry. The company, founded in 1993 in the Silicon Valley in California, pioneered the graphics processing unit, initially for 3D video games.

The chips are made in the United States by GlobalFoundries, Taiwan Semiconductor Manufacturing Company and Samsung in South Korea. Taiwan’s new factory in Arizona focuses on chips for Nvidia.

The design work is done in the United States, GeekBitz reported.

Most AI companies’ technology runs on Nvidia’s chip, CNN reported.

Its best-selling chip is the Blackwell Ultra, a second generation. The company is banned from selling the new ones to China.

“Blackwell sales are off the charts, and cloud GPUs are sold out,” Huang said in a statement about its best-selling chip.

“Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”

In October, Huang said there were $500 billion in AI chip orders for 2025 and 2026 combined.

“The number will grow,” Nvidia finance chief Colette Kress said during the earnings call with analysts.

Nvidia said there were $51.2 billion in revenue in data center sales, a 66% rise year-over-year.That includes $43 billion in revenue was for “compute,” or the GPUs. The company said most growth was from GB300 chips.

Nvidia’s stock price rose 5.08% in after-hours trading on Wednesday night on NASDAQ. The stock was at $196.00, below the record $207.04 on Oct. 29.

The stock, with the ticker symbol NVDA, initially traded at $12 per share, through its Initial Public Offering on Jan. 22, 1999.

The strong Nvidia report boosted after-hours trading of tech firms Meta, Microsoft, Amazon and Google.

“This answers a lot of questions about the state of the AI revolution, and the verdict is simple: it is nowhere near its peak, neither from the market-demand nor the production-supply-chain sides for the foreseeable future,” Thomas Monteiro, senior analyst at Investing.com, said in emailed commentary following the report.

In September, Nvidia announced a $100 billion investment in OpenAI in exchange for chip purchases.

On Monday, Anthropic committed to buying $30 billion in computing capacity from Microsoft Azure in exchange for an investment in the AI lab from both tech giants.

Nvidia announced a collaboration with Intel to jointly develop multiple generations of custom data center and PC products with NVIDIA NVLink.

Nvidia has reviewed plans to accelerate seven new supercomputers, including with Oracle to build the U.S. Department of Energy’s largest AI supercomputer, Solstice, plus another system, Equinox.

Nvidia said it had $4.3 billion in gaming revenue, which is a 30% boost from one year ago.

Despite the boom, CEO of one of the world’s largest independent financial advisory organizations warnsthere is a “real risk” because of complacency.

“Exceptional results don’t remove the need for discipline,” Nigel Green of deVere Group in Britain said in an email to UPI. “The AI ecosystem is growing fast, but fast growth doesn’t protect anyone from the consequences of over-extension.”

He said the path from deployment to real commercial returns “remains untested” in many industries.

“Investors must examine whether business models can convert this scale of capital investment into sustained earnings,” he said. “Complacency could be a real risk.”

LONDON — British Prime Minister Keir Starmer refused to say Wednesday whether he would urge President Trump to drop his threat to sue the BBC for a billion dollars over the broadcaster’s edit of a speech he made after losing the 2020 presidential election.

During his weekly questioning in the House of Commons, Starmer was asked by Ed Davey, the leader of the Liberal Democrats, whether he would intervene in the row between Trump and the British public broadcaster, and to rule out the idea that the British people would hand over money to the U.S. president.

Instead of responding directly, Starmer reiterated the government’s line since the BBC’s director-general, Tim Davie, announced his resignation on Sunday because of the scandal.

“I believe in a strong and independent BBC,” he said. “Some would rather BBC didn’t exist, I’m not one of them.”

However, he added that “where mistakes are made, they do need to get their house in order.”

In an interview that aired Tuesday on Fox News, Trump said he intended to go through with his threat to sue the BBC, a century-old institution under growing pressure in an era of polarized politics and changing media viewing habits.

“I guess I have to,” he said. “Because I think they defrauded the public and they’ve admitted it.”

The president’s lawyer, Alejandro Brito, sent the threat to the BBC over the way a documentary edited his Jan. 6, 2021, speech before a mob of his followers stormed the U.S. Capitol. The letter demanded an apology to the president and a “full and fair” retraction of the documentary along with other “false, defamatory, disparaging, misleading or inflammatory statements” about Trump.

If the BBC does not comply with the demands by 5 p.m. EST Friday, then Trump will enforce his legal rights, the letter said.

The row centers on an edition of the BBC’s flagship current affairs series “Panorama,” titled “Trump: A Second Chance?” days before the 2024 U.S. presidential election.

The third-party production company that made the film spliced together three quotes from two sections of the 2021 speech, delivered almost an hour apart, into what appeared to be one quote in which Trump urged supporters to march with him and “fight like hell.”

Among the parts cut out was a section where Trump said he wanted supporters to demonstrate peacefully.

BBC Chairman Samir Shah apologized Monday for the misleading edit that he said gave “the impression of a direct call for violent action.”

In addition to Davie’s resignation, the news chief Deborah Turness quit Sunday over accusations of bias and misleading editing.

Pylas writes for the Associated Press.

During its 3rd grandiose summit in Luanda that brought together a distinguished panel of leaders, including the ministers of transport from Zimbabwe and Rwanda, the secretary-general of the African Civil Aviation Commission (AFCAC), the director of strategies at Morocco’s Ministry of Transport and Logistics, the CEOs of Ethiopian Airlines and TAAG Angola Airlines, as well as representatives from the World Bank Group and the European Commission (EC), the African Union finally earmarked $30 billion for aviation infrastructure.

In his opening address, João Manuel Gonçalves Lourenço, President of the Republic of Angola and Chairperson of the African Union (AU), stressed that Africa must invest between $130 billion and $170 billion annually to lay the foundation for sustainable growth. “We must move from words to action,” President Lourenço urged. “This summit represents a decisive step toward mobilizing the resources needed to enhance connectivity and integration across our continent.”

The ambitious investment plan strategically aims at modernizing the continent’s aviation infrastructure under the Single African Air Transport Market (SAATM), according to summit reports. Lerato D. Mataboge, African Union Commissioner for Infrastructure and Energy, during the high-level session on Financing and Modernizing African Civil Aviation Infrastructure to Promote Integrated Continental Airspace and Enable Free Movement Under SAATM, emphasized aviation’s pivotal role as both an engine of integration and a cornerstone of Africa’s economic transformation.

“Aviation is not merely a mode of transport,” Mataboge stated, speaking at the session. “It is a strategic engine of continental integration and a core enabler of Agenda 2063 and the AfCFTA. The Single African Air Transport Market will only succeed if we build the modern, safe, and efficient infrastructure that Africa’s growth demands.”

Citing findings from a Continental Aviation Infrastructure Gap Analysis conducted with AFCAC, ICAO, and the World Bank, Mataboge revealed that Africa needs between $25 and $30 billion over the next decade to close critical aviation infrastructure gaps. Passenger traffic is projected to triple from 160 million in 2024 to nearly 500 million by 2050, intensifying the urgency for investment.

Key funding requirements include US$10 billion for airport and aerodrome infrastructure and $8 billion for modernizing communication, navigation, and meteorological systems. The AU’s strategy aims to mobilize $10 billion in catalytic public finance to attract an additional $20 billion in private and institutional investment. Through partnerships with Development Finance Institutions (DFIs) and AUDA-NEPAD, the AU is aligning investment priorities with SAATM and the Programme for Infrastructure Development in Africa (PIDA).

The modernization plan integrates cutting-edge technologies such as Airport Collaborative Decision-Making (A-CDM) and System-Wide Information Management (SWIM) to enable seamless continental airspace. It also incorporates renewable energy solutions at airports to attract green financing and advance sustainability goals.

“As we modernize African skies, we are doing so sustainably,” Mataboge added. “Every project we prepare is designed to meet global green standards, reduce fuel consumption and CO₂ emissions, and make African aviation an attractive asset class for the world’s growing pool of climate-focused capital.”

Mataboge reaffirmed the AU’s commitment to ensuring that a modern, efficient, and sustainable aviation network drives Africa’s economic integration, connectivity, and global competitiveness. The AU’s officials reaffirmed their focus on Africa’s most strategic priorities, including building aviation infrastructure, digital data systems, and data interoperability. The discussion underscored the importance of collaborative efforts in building a better aviation sector across Africa.

Deals and Dollars: Concrete Commitments 

The summit moved beyond dialogue to secure tangible commitments, marked by the signing of three key Memoranda of Understanding (MOUs):

– A partnership between the African Social Security Association and AUDA-NEPAD to channel African pension funds into continental infrastructure.

– An MOU with Qatar Airways establishing a $500 million endowment for renewable energy and climate-aligned industrialization.

– The establishment of the Angola Export and Trade Facility to promote regional cooperation and trade.

Ms. Nardos Bekele-Thomas, CEO of AUDA-NEPAD, reported significant progress since the previous summit in Dakar, Senegal. She announced that the AU, alongside African financial institutions, has already raised $1.5 billion to execute high-impact cross-border projects.

“The lesson from Dakar is clear: we can no longer treat financing as a fragmented market of scattered deals. We must transform it into a unified strategy,” Bekele-Thomas stated. She detailed new financial instruments, including the Alliance for Green Infrastructure in Africa’s Project Development Fund, which has achieved a first close of $118 million and is managed by Africa50.

In his contribution, African Union Commission Chairperson Mahmoud Ali Youssouf emphasized that Africa is entering a new phase of self-determination, one in which the continent must take ownership of financing, planning, and implementing its own development. He underscored that infrastructure investment is not merely technical but deeply political and strategic, vital to Africa’s economic sovereignty, competitiveness, and unity. Highlighting progress made under the PIDA framework, he called for an African-driven ecosystem for development financing through domestic resource mobilization, stronger private sector participation, and greater access to climate funds.

Echoing the urgency of the Chairperson of the African Union Commission, framed infrastructure investment as a deeply political and strategic imperative for Africa’s economic sovereignty. “We are shifting from a logic of assistance to a logic of alliance, where partners align their engagement with priorities defined by Africa itself,” he declared. He concluded with a powerful vision: “What we are building here are not merely roads and bridges. We are building an Africa that is connected, confident, and sovereign.”

There were special sessions designed to facilitate in-depth due diligence and accelerate projects toward financial close. The summit for Africa’s infrastructure development stands as a definitive moment, signaling Africa’s unified resolve to finance its own destiny and build the interconnected, prosperous future its people deserve.