Nvidia delivered another powerful quarter, calming worries about an AI driven market bubble and lifting confidence across the tech sector. The chipmaker reported a major jump in sales and profits for its October quarter, showing that demand for AI computing remains intense even as investors question how quickly the technology will produce returns.
The company posted revenue of $57 billion, a 62% increase from the same period last year and well above the $54.9 billion expected by analysts. Profits reached $31.9 billion, up 65% and also slightly higher than forecasts. Nvidia chief Jensen Huang said in a statement that “Blackwell sales are off the charts, and cloud GPUs are sold out,” repeating his view that fears of an AI bubble are overstated.
Nvidia also projected about $65 billion in revenue for the current quarter, suggesting that spending on AI infrastructure is not slowing. The company’s stock rose 3.4% in extended trading after the results were released.
Nvidia has become the central force behind the AI boom, powering much of the industry’s innovation and holding a large influence on the broader market. It now makes up about 8% of the S&P 500, meaning its performance affects many investors and retirement accounts. Concerns leading up to the report had caused volatility, pushing investors to pull back from assets such as bitcoin and AI related stocks.
Shares of other major tech companies including Meta, Microsoft, Amazon and Google also climbed in extended trading, highlighting Nvidia’s impact on the sector. A senior analyst at a financial platform said the results show that the AI revolution is “nowhere near its peak.”
Worries about circular funding arrangements between chipmakers and AI companies have fueled talk of a bubble. One example is a $100 billion investment in an AI lab announced earlier this year that included a commitment to buy chips. Another AI company also recently agreed to purchase $30 billion worth of computing capacity from a major cloud provider using Nvidia chips.
Huang has continued to push back on bubble concerns, noting in an interview with a news outlet that customer willingness to pay for AI tools shows that the technology is “profitable.” Nvidia’s chief financial officer also pointed to strong results from the company’s partners, including higher engagement at Meta, rising revenue at Anthropic and improved efficiency at Salesforce.
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