Nvidia doubles revenue, forecasts even more AI spending

Nvidia on Wednesday reported quarterly revenue of $96.2 billion, more than double a year earlier, as the world's most valuable company beat Wall Street expectations and forecast even stronger sales ahead.

Revenue for the quarter ending July 26 period rose 106 percent from a year earlier and 18 percent from the previous three months, comfortably above the roughly $92 billion analysts had forecast.

Nvidia is considered the bellwether for the AI spending frenzy, with its results greatly determined by the mega purchases from AI giants such as OpenAI, Anthropic, Meta and Google.