Further, NVIDIA continued to gain strength in the artificial intelligence (AI) space, which positively impacted the quarter’s revenues. The year-over-year jump is primarily attributable to growth across all the platforms, that is, the GPUs gaming platform, Professional Visualization, datacenter and Tegra automotive platforms. The carried-interest tax hike is part of the Democrats' broad proposals to increase taxes on corporations and wealthy individuals to finance new spending on energy, electric vehicle tax credits and health insurance investments.Revenues not only surged 31.5% year over year to $2.636 billion, but also comfortably surpassed the Zacks Consensus Estimate of $2.364 billion, as well as management’s projection of $2.35 billion (+/-2%). "There are some pretty material changes that severely limits some of the tax planning opportunities that people had been using to date to try to get around the holding period rules that have been put in place," said Farr. However, Alex Farr, a tax partner at law firm McDermott Will & Emery, said the proposal also closes some other loopholes. Under the proposed rules, a carried-interest would apply for investments only after five years, two more than the current rule. "It is crucial Congress avoids proposals that harm the ability of pensions, foundations, and endowments to benefit from high value, long-term investments that create opportunity for millions of Americans," said Bryan Corbett, MFA president and CEO.Ī potential tax hike would mainly affect private equity and hedge fund managers compensation, which is largely tied to the performance of the funds. The Managed Funds Association (MFA) said pension funds, endowments and foundations' $1.5 trillion investments in hedge funds and other alternative asset managers help them achieve better performance.
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