California’s Nvidia-Driven AI Stock Gains Yield $11B Tax Boost Amid Deficit Risks

California collected an extra $11 billion in tax revenue due to a surge in AI-linked tech stocks boosting capital gains for wealthy residents, exceeding forecasts significantly. AI-driven stock gains from companies like Nvidia propelled the windfall, lifting general-fund revenue above estimates. The boost arrives amid weak job growth and stagnant consumer spending in the state.