Nvidia revenue doubles on continued AI demand

Chip giant Nvidia has reported another huge jump in sales as the global push to build artificial intelligence (AI) systems continues at a rapid pace.

The company said on Wednesday that it brought in $96bn (£71bn) of revenue during the second quarter, more than double the amount for the same period a year earlier. And it expects revenue of $108bn in the next quarter.

"AI has reached its inflection point," CEO Jensen Huang said in prepared remarks, describing the infrastructure buildout as going "at full steam."

The revenue figures beat Wall Street's expectations, leading Nvidia shares to rise by 4.7% in after-hours trading.

The company's data centre division alone generated $89bn in the period, up by 117% from a year earlier, underscoring just how much of the industry now depends on Nvidia's hardware.

Essentially every notable tech company building AI tools and infrastructure, including Amazon, Meta, Google, Microsoft, use Nvidia chips to do so.

Financial analysts said the strong results highlight Nvidia's ongoing momentum.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, called it "another monster set of results," noting that revenue and earnings both topped forecasts.