Nvidia Revenue Surges Past Estimates Amid AI Boom

Nvidia's quarterly revenue has more than doubled to $96.22 billion, surpassing estimates of $92.17 billion. The company also forecasted third-quarter revenue above Wall Street estimates at $108 billion, plus or minus 2%, compared with analysts' average estimate of $104.19 billion.

Nvidia's finance chief Colette Kress announced an expansion of the company's partnership with Amazon's cloud computing unit, Amazon Web Services (AWS). The pair will deploy an additional 2 million Nvidia GPUs across AWS' global infrastructure in 2027 and 2028.

The results from Nvidia are considered a bellwether for the AI market as its chips power most of the major data centers and advanced AI models globally. Big Tech companies, including Microsoft and Meta, have reinforced expectations that they will spend more than $730 billion on AI infrastructure this year.