Nvidia reports record quarterly revenue as demand for AI chips continues

US computer chip giant Nvidia has reported record quarterly revenue of $30 billion (£22.7 billion) in its latest round of financial results.

That number is up 15% from last quarter and 122% from the same period a year ago as the company continues to capitalize on the rise of generative AI.

Many of the world's largest technology and AI companies rely on Nvidia's chips and data centers to provide the computing power they need to build, train and develop new AI tools.

In its quarterly results for the three months to July 28, the company said revenue in its data center segment reached a record $26.3 billion (£19.9 billion) – up 16 percent from the previous quarter and 154 percent from the same period last year.

The results exceeded the expectations of many analysts.

Jensen Huang, founder and CEO of the US company, said demand for Nvidia's current generation of Hopper chips “remains strong” and anticipation for the next generation of Blackwell chips is “incredible”.

“Nvidia delivered record revenues as its global data centers ramped up to modernize the entire computing stack with accelerated computing and generative AI,” he said.

“Blackwell samples are being delivered to our partners and customers. Spectrum-X Ethernet for AI and Nvidia AI Enterprise software are two new product categories that are achieving significant scale and demonstrating that Nvidia is a full-stack and data center platform.

“Across the stack and ecosystem, we are helping pioneering model makers deliver Internet services to consumers and now enterprises. Generative AI will revolutionize every industry.”

The company expects another increase in sales for the coming quarter and forecasts sales of around 32.5 billion dollars.