Nvidia Revenue Doubles to $96bn as the AI Buildout Runs 'At Full Steam'

Nvidia reported $96bn of revenue in its second quarter, more than double the same period a year earlier, and guided to $108bn for the next one.

"AI has reached its inflection point," chief executive Jensen Huang said in prepared remarks, describing the infrastructure buildout as running "at full steam." Shares rose 4.7% in after-hours trading on results that beat Wall Street expectations.

Where the money comes from

The data centre division generated $89bn on its own, up 117% year on year — roughly nine-tenths of the company. Amazon, Meta, Google and Microsoft all build their AI tools and infrastructure on Nvidia hardware.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, called it "another monster set of results."

The concentration question

A single supplier now sits underneath essentially every significant AI system in production, and its growth rate is set by how fast its customers can raise capital and secure power.

That makes Nvidia's guidance the closest thing the sector has to a forward indicator. A quarter of $108bn is a statement about how much compute the largest technology companies intend to commit to next — and, by implication, how confident they are that the demand will be there to use it.