$96.2 Billion in Nvidia’s Revenues in 3 Months.. AI Doubles Its Business

Nvidia continued to reap the rewards of the global boom in artificial intelligence spending, with revenues surging to $96.2 billion in the fiscal quarter ended July 26, up 106% year on year, while net profit jumped 126% to $59.7 billion. Data centers were the main driver of growth, with sector revenues rising 117% to $89 billion, accounting for more than 92% of the company’s total revenue, reflecting accelerating demand for chips and systems used to train and run AI models. In just a few years, Nvidia has transformed from a company known for graphics cards and video games into one of the biggest beneficiaries of the race to build AI infrastructure, as technology and cloud computing firms expand their data center investments. The company does not expect demand to slow soon, forecasting third-quarter fiscal revenue of around $108 billion, plus or minus 2%, and a gross margin of 74%. These projections exclude any revenue from sales of data center computing chips to China. Jensen Huang, founder and CEO of Nvidia, said AI has reached a “tipping point,” pointing to accelerating demand for computing capabilities as the new Vera Rubin platform entered full production.