Chipmaker Nvidia has announced a substantial rise in sales, reporting $96bn (£71bn) in revenue for the second quarter. This figure represents more than double the revenue from a year ago, as the global effort to build artificial intelligence (AI) systems continues at a rapid pace.
The company's data centre division was a key driver, generating $89bn last quarter, an increase of 117% from the previous year. This highlights the industry's reliance on Nvidia's hardware, with major tech companies like Amazon, Meta, Google, and Microsoft utilising its chips for AI tools and infrastructure.
Nvidia's CEO, Jensen Huang, stated that "AI has reached its inflection point," describing the infrastructure buildout as proceeding "at full steam." The reported revenue surpassed Wall Street's expectations, leading to a rise of approximately 4% in Nvidia shares during after-hours trading. The company anticipates revenue of $108bn for the upcoming quarter.
Financial analysts, including Matt Britzman of Hargreaves Lansdown, noted that both revenue and earnings exceeded forecasts. Nvidia's growing financial strength has also seen it provide funding to companies such as OpenAI, Anthropic, and SpaceX to support the costly development of AI infrastructure.