Nvidia’s quarterly revenue doubles to nearly $100bn as CEO declares ‘golden age’

Nvidia reported that its quarterly revenue had doubled in a year to nearly $100 billion, surpassing Wall Street expectations for another blockbuster quarter. The CEO, Jensen Huang, declared that the "golden age" for the AI industry had arrived and that demand was accelerating. The company's stock saw a modest increase following the earnings call, although it initially slipped.

Nvidia's datacenter revenue, a closely watched metric, rose 117% year-over-year to $89 billion. The company expected its revenue to continue growing to $108 billion by the end of the third quarter, exceeding analysts' predictions. Huang emphasized that AI had reached a crucial inflection point, with compute revenue becoming a key driver.

Despite some companies working to reduce their reliance on Nvidia and build their own chips, Huang expressed confidence that they would continue purchasing Nvidia's products. The chipmaker's dominance in the AI industry, as reflected in its earnings, has drawn both praise for its growth and criticism regarding the circular nature of its financing deals with major clients. To address these concerns, Nvidia has formed a $500 billion capital pool with prominent investors.