Strong AI chip demand fuels Nvidia’s Q2 results well beyond Wall Street’s expectations

Nvidia's latest quarterly results once again blew past Wall Street's expectations as revenue for the computer chip company's high-end artificial intelligence chips soared, the latest sign that AI infrastructure spending remains solid.

Key points

• The firm noted on Wednesday net income of $59.69 billion, or $2.46 per share, for the May-July period.
• Excluding certain items, earnings were $2.22 per share, well above the $2.09 per share consensus forecast by Wall Street analysts, according to FactSet.
• Revenue more than doubled from a year earlier to $96.22 billion, surpassing analysts' average forecast of $92.27 billion.
• Now, compute is revenue, remarked CEO Jensen Huang in an official note.

For context, the firm noted on Wednesday net income of $59.69 billion, or $2.46 per share, for the May-July period. That compares to net income of $26.42 billion, or $1.08 per share, in the same quarter last year.

"AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue, " remarked CEO Jensen Huang in an official note.

Taken together, the developments around strong AI chip demand fuels Nvidia's Q2 results well beyond Wall Street's point to a situation that is still moving, and the coming days should bring more clarity.