US Chip giant Nvidia has reported stronger-than-expected revenues, easing investor concerns about excessive spending on artificial intelligence that has unsettled markets.
In the three months ending in October, Nvidia reported a 62% increase in revenue to 57 billion dollars, driven by demand for its chips used in AI data centers.
Fourth-quarter earnings forecasts, in the range of 65 billion dollars, also exceeded estimates, causing Nvidia shares to rise about 4% in after-hours trading.
“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Nvidia chief executive Jensen Huang said.
Huang stated that sales of its AI Blackwell systems were “off the charts” and that “cloud GPUs (graphics processing units) are sold out.”
Nvidia is now the largest stock on Wall Street, having temporarily surpassed 5 trillion dollars in market capitalization.
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