Image Source: PixabayMarkets closed in negative territory across the board today. After a rather uneventful morning that saw major indices tread water at the breakeven point with yesterday’s close, the FOMC minutes from the April 30-May 1 meeting were released at 1:30pm ET this afternoon. An hour later, the indices were at session lows. We’ve crept up from there, but the Dow is -201 points, -0.51%, the S&P 500 is -0.27%, the Nasdaq came in at -0.18% and the small-cap -0.91%.What was in the Fed minutes? Basically, the lack of recent progress toward their +2% inflation objective has frustrated some of the FOMC members. There was even a willingness — on the part of some, not all — to actually raise rates in the future should risks to inflation materialize. Many of these concerns have been abated since, however: a somewhat shrinking labor force and a dwindling Consumer Price Index (CPI) shows that the economy appears to have righted its course in the past few weeks.None of this really matters at this hour, anyway. NVIDIA (NVDA – Free Report), perhaps the world’s most important company as of today, has just reported Q1 earnings after today’s close. Unsurprisingly, the graphics chips innovator clobbered expectations on the bottom line — earnings of $6.12 per share, well above the $5.49 anticipated and a whopping +561% year over year. Revenues of $26.00 billion outpaced the $24.33 billion in the Zacks consensus.Next-quarter revenue growth has been raised to roughly $28 billion, +/-1-2%. Q2 non-GAAP gross margins reached +75.5% in the quarter with record-setting Data Center revenues: $22.6 billion — nearly the full amount of sales NVIDIA had in the quarter — amounts to +23% growth quarter over quarter, and a jaw-dropping +427% year over year.“The next industrial revolution has begun,” crowed CEO Jensen Huang. Further, the company is offering a 10 to 1 stock split to investors to go along with a cash dividend of 1 cent per share post-split. In short, this may be the most impressive earnings report since Steve Jobs was still making it rain for Apple (AAPL – Free Report).NVIDIA isn’t the only A.I. play reporting earnings this afternoon. Montana-based Snowflake (SNOW – Free Report), a data cloud services firm with inroads to A.I., actually missed its bottom-line estimate by 3 cents to 14 cents per share. However, the growth-oriented firm hit a home run on the topline, with revenues of $828.7 million coming in well ahead of the consensus $787 million, for +33% revenue growth year over year. Not quite NVIDIA numbers, but shares are up +5% on the news. NVDA, incidentally, is up +4% in after-hours trading.More By This Author:New Closing Highs For Nasdaq, S&P 500; NVDA Reports WednesdayTop Analyst Reports For AMD, PepsiCo & SAPDow Draws Back From Highs, Nasdaq Sits At New Record