Business

Nvidia’s fourth-quarter earnings exceeded expectations. Revenue at the maker of chips for artificial intelligence hit $22.1bn, up by 265% from a year earlier, and it made a net profit of $12.3bn, a rise of 769%. It predicted even stronger sales this quarter, even though it is struggling to keep up with demand. Nvidia’s market valuation has soared past $1.7trn, spurring much of the recent rally in the S&P 500.