Chipmaker Nvidia crushes quarterly expectations with $13.5bn in revenue

The company's specialized AI chips are in great demand, boosting its value to over $1tn, a first for a chipmaker

The chipmaker Nvidia has far surpassed quarterly expectations, raking in $13.5bn in revenue - over $2bn more than the $11.2bn Wall Street analysts had predicted - amid skyrocketing demand for its computer chips that power artificial intelligence (AI) systems.

The blockbuster second quarter comes at a moment of intense hype around generative AI, a mood that Nvidia has been uniquely positioned to capture. The 30-year-old company is one of the biggest winners in the AI boom and is now valued at over $1tn, with its chips powering nearly all the world's major artificial intelligence apps, including ChatGPT.