Nvidia revenue grows more than 60% boosted by AI boom

US chipmaker Nvidia on Wednesday reported another quarter of strong growth driven by the boom in artificial intelligence.

Revenue rose 62% year-on-year to USD57 billion, the company said, beating Wall Street expectations. Compared with the previous quarter, revenue was up 22%.

Nvidia shares gained more than 3% in after-hours trading, while other chipmakers also traded higher. Stocks of major Nvidia customers Google, Microsoft, Amazon and Meta moved up as well.

The company's chips have become a key technology for training and operating AI models such as ChatGPT, making the company's results an important indicator for the wider AI industry.

The strong figures come despite recent concerns in financial markets that optimism around AI may have fuelled a tech-stock bubble.

Nvidia's market value has fallen from about USD5 trillion to USD4.5 trillion in recent weeks, though it remains the world's most valuable listed company.

Net profit climbed 65% year-on-year to USD31.9 billion, also above analysts' forecasts. Nvidia issued a revenue outlook of USD65 billion for the current quarter, well above the market consensus of about $61.5 billion.

The company continues to post strong growth despite having effectively no business in China following US export restrictions and countermeasures by Beijing.