Nvidia Corp. made headlines this week as its net income skyrocketed more than sevenfold compared to the previous year, reaching an impressive US$14.88 billion in the first quarter of the year. The company, known for producing chips that support artificial intelligence, has seen a surge in profits alongside the growing interest in AI technology.
In other news, the Canada Pension Plan Investment Board reported a significant increase in its total assets under management, reaching $632 billion in the fiscal year that ended on March 31. The fund saw a boost of $46 billion in investment income and nearly $16 billion in new contributions from Canadian workers.
On a different note, TD, Red Lobster, and the Argentine President faced challenges this week for various reasons. TD was instructed by Canada’s banking regulator to overhaul its risk controls, while Red Lobster filed for bankruptcy protection in the U.S. due to issues related to its endless shrimp strategy. Argentine President Javier Milei stirred controversy by attending a far-right rally in Spain and making disparaging remarks about the Spanish prime minister’s wife.
Overall, it was a week filled with significant developments in the business world, from the impressive financial performance of Nvidia to the challenges faced by various companies and political figures. Stay tuned for more updates on these stories and other business news.