Nvidia's profit for the quarter ending July more than doubled to $59.69 billion, driven by surging AI spending from major tech firms. Revenue also doubled to $96.22 billion. Jensen Huang's company now controls an estimated 90 percent of the advanced semiconductor market for AI data centers.

The chipmaker projects 90 percent revenue growth for the current quarter, reaching $108 billion, despite ongoing supply constraints through at least January 2028. Wall Street analysts had predicted lower figures of $50.94 billion profit and $91.96 billion revenue. Nvidia's share price rose up to 4 percent in after-hours trading.

The AI boom has propelled Nvidia to a market capitalization of approximately $5 trillion. Amazon, Google, Microsoft, and Meta are expected to spend $1.5 trillion building data centers over the coming year, with Nvidia's chips serving as the central component. In a recent deal, Nvidia and Amazon announced plans to use two million additional chips on Amazon's cloud service and collaborate on government data centers.

However, Nvidia faces extreme pricing conditions in memory chips, which will narrow margins. The company also plans price increases for the quarter ending next April. While Nvidia explores expansion into the Chinese market with its H200 chip, shipments to China accounted for less than 1 percent of data center revenue in the latest quarter.

Nvidia recently agreed to invest up to $105 billion to back a data center in Pike County, Ohio, for OpenAI.