Chip giant Nvidia posted record quarterly revenue of $81.6 billion, blowing past Wall Street forecasts as insatiable demand for its artificial intelligence hardware powered another blockbuster quarter.
The results for the first quarter of fiscal 2027, ending April 26, marked an 85 percent jump from the same period a year ago and a 20 percent rise from the prior quarter, underscoring Nvidia's status as the primary beneficiary of a global AI infrastructure buildout.
Net profit surged to $58.3 billion, more than tripling from $18.8 billion in the year-earlier period.
Nvidia's data center business, which sells the processors powering AI systems at tech giants and technology companies worldwide, was the engine behind the quarter's performance.
Data center revenue, which includes Nvidia's key graphics processing units (GPUs), hit a record $75.2 billion, up 92 percent from a year ago.
That pivot has made Nvidia the world's most valuable company, on the back of huge demand for its AI hardware.
Demand for Nvidia products seems insatiable despite recurring talk on Wall Street that the AI spending spree could come to a halt.
Since its February earnings report, Nvidia has disclosed a $10 billion investment in Anthropic, a major deal with Meta, and a commitment to AI company CoreWeave targeting five gigawatts of AI facilities by 2030.
For the current quarter, Nvidia projected revenue of $91 billion, representing a further acceleration in growth.
