Investing.com -- Nvidia (NASDAQ:NVDA) shares touched a fresh record high shortly in early U.S. trading on Thursday after the chipmaker reported stronger-than-anticipated second-quarter revenue thanks to a frenzy of demand for artificial intelligence.
Sales during the three months until July 30 crushed already lofty Wall Street estimates due mainly to the California company's graphics processors, which are seen as crucial in powering generative AI applications.
Heading into the earnings, some sources were reportedly calling for sales of over $12 billion in the three months ended on July 30 and forecasts of $14B in revenue in the third quarter.
Revenue ultimately came in at $13.5B during the second quarter, more than doubling the prior mark of $6.7B. Nvidia also projected that sales in the current quarter, set to finish in October, would come in at $16B -- a level that Wall Street had not seen the company hitting until 2024.
In a statement, Chief Executive Officer Jensen Huang hailed the dawn of a "new computing era."
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Huang said.