Nvidia's quarterly revenue doubles to $96.2 billion on AI chip demand

Nvidia reported quarterly revenue of $96.2 billion for the fiscal second quarter ending July 26, more than doubling year-over-year, with net profit surging 126% to $59.7 billion, driven by relentless demand for AI computing power. The company forecasts third-quarter revenue of approximately $108 billion, plus or minus 2%, slightly exceeding analyst expectations at the lower end. Gross margin is projected at 74%, down from 75% in the previous quarter, while shares initially fell about 1% in after-hours trading. Nvidia, now the world's most valuable company with a $5.07 trillion market cap, transitioned from gaming graphics cards to supplying chips and systems for training large language models. A $1,000 investment in late 2019 would now be worth nearly $36,000.