Nvidia’s revenue more than doubled in the latest quarter on soaring demand for the chips needed to train the latest artificial intelligence models, outstripping even the heightened estimates that had spread on Wall Street in recent days.
The US chipmaker also projected a bigger leap than expected in revenue in its current quarter, confirming that it was overcoming supply constraints more quickly than anticipated.
The latest figures sent Nvidia’s shares 6 per cent higher in after-market trading on Wednesday, capping a rally during which its stock market value more than tripled this year to about $1.2tn. The group’s surging stock price has made it one of the biggest factors behind the AI-fuelled tech rally that has underpinned the broader US stock market this year.