Nvidia's chip sales more than doubled thanks to advances in artificial intelligence

Nvidia has reported record sales that more than doubled thanks to increased demand for artificial intelligence chips.

Here's What We Know

According to the company, its revenue exceeded $13.5bn in the three months to the end of June. Nvidia also expects further sales growth in the current quarter and plans to buy back its shares to the tune of $25bn.

The strong performance was driven by Nvidia's data centre division. It also includes chips for artificial intelligence.

This division generated more than $10.3bn in revenue, up 170% from a year earlier. That's because cloud computing service providers and large consumer internet companies bought next-generation processors.

By the end of the current quarter, Nvidia expects revenue to grow to $16bn. This is well above Wall Street's expectations and represents an increase of about 170% over the same period last year.

Following the report, the company's stock price rose more than 6.5 per cent in extended trading in New York. This put Nvidia firmly in the "trillionaires' club", which the tech giant joined in May 2023.

Source: BBC