Nvidia revenue doubles as AI spending forecasts surge

Nvidia reported quarterly revenue of $96.2 billion, more than double from a year earlier, beating Wall Street expectations and forecasting stronger sales ahead. Shares jumped nearly five percent in after-hours trading. Revenue for the quarter ending July 26 rose 106 percent year-over-year, comfortably above the roughly $92 billion analysts forecast. Net profit reached $59.7 billion, up 126 percent, though boosted by $7.8 billion in gains from AI company investments. Nvidia expects about $108 billion in current-quarter revenue. Nvidia's biggest customers are on track to spend roughly $800 billion on data centers and AI infrastructure this year. The company faces questions about circular financing through startup investments, which its CFO defended as supporting "once-in-a-generation companies." Nvidia projected no China chip revenue.