Chip giant Nvidia has set a new sales record, a sign that demand for artificial intelligence remains strong despite fearsthe technology may be overhyped.
Nvidia, the world’s most valuable company, on Wednesday reported revenue of $46.74bn for the three months that ended in July, a rise of 56 percent year-on-year.
Profit for the quarter was $26.42bn, a yearly rise of 59 percent.
Nvidia’s latest earnings report had been hotly anticipated as the tech giant is widely seen as a barometer of the AI boom, which has lifted the US stock market from all-time high to all-time high.
Nvidia CEO Jensen Huang said that production of Blackwell Ultra, Nvidia’s latest platform using its most advanced chips, was ramping up “at full speed” and demand for the company’s products was “extraordinary”.
“The AI race is on, and Blackwell is the platform at its centre,” Jensen said.
Looking ahead, the Santa Clara, California-based tech giant predicted revenue of $54bn, plus or minus 2 percent, for the July-September quarter, which would be slightly above market expectations.
Despite the robust results, Nvidia’s stock price fell more than 3 percent in after-hours trading, an indication of the sky-high expectations attached to the chipmaker, which is valued at more than $4.4 trillion.
Nvidia’s sales notably did not include any shipments to China, whose market is subject to US government export controls intended to blunt Beijing’s ability to develop AI.
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