Nvidia Revenue Nearly Doubles on AI Demand, Lifting Tech Stocks

Nvidia’s latest results showed revenue nearly doubling year-over-year to around $96 billion, driven by demand for its AI chips. The surge eased immediate worries that spending on artificial intelligence infrastructure had peaked, even as broader economic signals remain mixed.

The company guided for 70 percent revenue growth in fiscal 2028, which begins in February 2027. Chief executive Jensen Huang stated that actual demand exceeds that figure but is limited by supply. Memory components and capacity at Taiwan Semiconductor Manufacturing Co. continue to constrain output. Nvidia also reported that its AI cloud, industrial and enterprise segment reached $40.3 billion in quarterly sales, up 138 percent from a year earlier.

Markets reacted quickly. Nvidia shares rose 7.2 percent in premarket trading. Futures on the Nasdaq-100 climbed 1.14 percent while S&P 500 futures gained 0.51 percent. Other chipmakers advanced as well: Micron Technology rose more than 4 percent and Marvell Technology gained nearly 5 percent. Software companies including Salesforce and CrowdStrike posted double-digit gains after raising their own forecasts.

Analysts noted the results counter narratives of an imminent slowdown in AI capital spending. Charu Chanana of Saxo Markets said management made clear that demand remains supply-constrained. At the same time she cautioned investors against buying every company labeled AI. Huang added that the number of organizations building large GPU clusters has expanded beyond a handful of hyperscalers, creating what he called a “golden age” of new labs and physical AI applications.

Attention now turns to Federal Reserve Chair Kevin Warsh’s speech at Jackson Hole on Friday. Investors will watch for any signals on inflation thresholds after recent data came in slightly above expectations. The week’s jobless claims report is also due before markets open.