NEW YORK - Nvidia reported blockbuster quarterly results that blew past Wall Street expectations, posting record revenue of $68.1-billion as insatiable demand for its artificial intelligence chips showed no sign of cooling.
The figures -- up 73 percent from a year ago and well above the $65.7-billion analysts had forecast -- sent a powerful signal that the technology buildout dominated by Nvidia that underpins the global AI boom remains in full swing.
Net income for the quarter more than doubled year-on-year to $42.96-billion, causing a share price bump that was quickly erased by apparent investor profit taking.
Nvidia designs the graphics processing units (GPUs) that have become the backbone of the global artificial intelligence boom.
Founded in 1993 by Jensen Huang, who remains CEO, the Santa Clara, California-based company commands a market capitalization exceeding $4.7-trillion, making it the world's most valuable publicly traded company.
Combined capital expenditure from the four major AI builders -- Google, Amazon, Meta and Microsoft -- could approach $700-billion this year as the tech giants race to stay ahead in the crucial technology.
A large share of that spending lands at Nvidia, which remains the dominant supplier of the AI chips and technology used to train and deliver generative AI capability.
Huang said the AI industry had reached a decisive turning point driven by the rise of so-called agentic AI — systems that can take decisions and act autonomously on behalf of humans.
"We have now seen the inflection of agentic AI and the usefulness of agents across the world," he said, adding that enterprises everywhere were seeing "incredible" demand because of it.