Nvidia doubles quarterly revenue to $96 billion as AI spending surges

Nvidia reported quarterly revenue of $96.2 billion on Wednesday, more than doubling its performance from the previous year as demand for artificial intelligence infrastructure remains at record levels. The results exceeded Wall Street expectations, prompting company shares to rise nearly 5% in after-hours trading. Surging profits and revenue growth For the quarter ending 26 July, revenue rose 106% year-on-year and 18% from the previous quarter, surpassing analyst estimates of $92 billion. Net profit reached $59.7 billion, a 126% increase from the same period last year. This profit figure included $7.8 billion in gains from Nvidia’s investment portfolio in various AI firms. Chief Executive Officer Jensen Huang stated that the buildout of AI infrastructure is at "full steam." The company’s growth is primarily driven by massive capital expenditures from technology giants including Microsoft, Amazon, Alphabet (Google), and Meta, who are collectively on track to spend approximately $800 billion on data centers and AI infrastructure this year—nearly double the 2023 total. Future outlook and supply constraints The California-based company provided a bullish forecast for the current…