Nvidia revenue soars 106% as AI hits inflection point

Nvidia reported second-quarter revenue of $96.2 billion, up 106% year-over-year and beating analyst expectations, with net income of $59.7 billion. The chipmaker forecast third-quarter revenue between $105.84 billion and $110.16 billion, while CEO Jensen Huang stated "AI is at its inflection point." Earnings per share excluding extraordinary items reached $2.22, surpassing the $2.09 analysts predicted. Net income rose 126%, marking the 15th consecutive quarter of beating expectations. Nvidia's market capitalization exceeds $5 trillion, and its forecasts exclude any China data center chip sales. Nvidia's results are a key indicator for the AI market, as its chips power most major data centers and advanced AI models globally. Despite strong results, shares fell in after-hours trading, though they have gained over 12% year-to-date.