Nvidia's Revenue Doubles Again, to $96 Billion in Three Months

The chip maker reported revenue up 106 percent from a year ago and told investors to expect $108 billion next quarter — well above what Wall Street had forecast. Its chief executive said demand is still accelerating.

Nvidia reported $96.2 billion in revenue for the three months ending in late July — more than double the same period last year, and 18 percent above the previous quarter. It told investors to expect about $108 billion in the current quarter, comfortably above the roughly $104 billion analysts had predicted. Jensen Huang, the chief executive, said demand is accelerating rather than leveling off.

For perspective on the pace: two years ago a $57 billion quarter was a record that quieted talk of an AI bubble. That is now a little more than half of what the company earns in three months.

Nvidia's earnings have become the closest thing the AI boom has to a vital sign, because its revenue is the industry's spending. Every dollar here was spent by someone — Microsoft, Google, Amazon, Meta, OpenAI, a sovereign government — on the belief that the computing power will be worth more than it cost. When that belief holds, Nvidia beats its forecasts. When it wavers, Nvidia will be the first place it shows.

The bubble argument has not gone away; it has gotten more precise. Worldwide AI spending is forecast to reach about $2.5 trillion this year, up more than 40 percent. Careful analyses this year have tended to land in the same place: that the conditions look bubble-like in specific corners — the startups with no revenue, the infrastructure deals financed in creative ways — rather than across the whole market, and that the largest players are in fact earning real money.

What nobody disputes is the concentration. An enormous share of the world's economic optimism now runs through the quarterly results of a single chip company, and has for three years.