By Clare Duffy, CNN
New York (CNN) — Nvidia posted strong revenue and profits that exceeded Wall Street’s expectations Wednesday. The closely watched result could prompt a sigh of relief across the stock market following growing concerns about an artificial intelligence bubble.
Nvidia’s sales grew 62% year-over-year to $57 billion in the October quarter, ahead of the $54.9 billion Wall Street had projected, signaling that demand for AI chips remains strong even as more questions emerge about whether returns from the technology will keep up with the pace of AI infrastructure investments. It posted profits of $31.9 billion, up 65% from the year-ago quarter and also slightly above expectations.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” Nvidia CEO Jensen Huang said in a statement, a message that echoes his earlier arguments that fears of an AI bubble are overblown.
Nvidia’s stock jumped 2.6% immediately following the report.
Nvidia has become both the backbone and an emblem of the AI boom, with much of the industry’s technology running on its chips. The world’s most valuable public company has also been central to this year’s stock market rally — it accounts for roughly 8% of the S&P 500 and its deals with other tech firms have helped fuel their stocks, too — meaning that nearly all investors and 401k holders stand to be impacted by Wednesday’s results.
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