Nvidia reported a solid jump in second-quarter revenue Wednesday, beating Wall Street expectations for its highly anticipated earnings report.
The chipmaker reported $46.7 billion in second-quarter revenue, up 6 percent from the previous quarter and 56 percent over the past year. Wall Street analysts had forecasted revenue of roughly $46 billion, according to consensus estimates.
Nvidia has become one of the most powerful and richest U.S. technology companies amid the rise of artificial intelligence (AI) technology, including generative AI chatbots and image generators, which use immense computing power.
Nvidia has risen to prominence as the top U.S. manufacturer of the semiconductor chips widely used to run AI programs. The company has also found itself caught in the crossfire of the U.S-China battle over AI.
Nvidia and AMD, another major U.S. chipmaker, drew criticism after striking an unusual agreement to provide the federal government some of their revenue from chip sales to China — a deal that experts say raises constitutional questions and may set a concerning new precedent.
The two firms have agreed to share 15 percent of the revenue generated from selling advanced artificial intelligence (AI) chips to China in order to secure export licenses after a months-long pause.
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