Nvidia Blows Past Wall Street Estimates with Record-Breaking AI Chip Sales

Nvidia's latest quarterly results have exceeded Wall Street's expectations for a third consecutive year. The company's high-end AI chips are in high demand, driving revenue to $96.22 billion in the May-July period.

This represents more than double the revenue from the same quarter last year and surpasses analysts' average forecast of $92.27 billion. Net income rose to $59.69 billion, or $2.46 per share, compared to $26.42 billion, or $1.08 per share, in the same period last year.

Nvidia's CEO Jensen Huang attributed the strong results to AI reaching its 'inflection point', where it is doing 'useful work' and generating revenue through compute. The company's data center segment reported revenue of $89 billion, more than twofold from a year earlier.