Nvidia’s Earnings Deflate AI Bubble Fears as Blackwell Chips Fly Off the Shelves

Silicon Valley’s most scrutinized earnings report just landed a knockout punch to AI skeptics. NvidiaNVDA

blew past Wall Street’s expectations with a 62% jump in revenue year-over-year. The performance eased growing fears that AI spending might be getting ahead of results, with Jensen Huang noting that “Blackwell sales are off the charts, and cloud GPUs are sold out.”

• The datacenter division — which drives most of Nvidia’s business — expanded 66% year over year, alongside a 56% jump in profit.
• Looking forward, Nvidia projected Q4 revenue around $65B, well above analyst expectations of $62.4B, signaling the AI spending frenzy shows no signs of cooling.

Market momentum: The results sparked quick relief across tech stocks, lifting MetaMETA

, MicrosoftMSFT

, AmazonAMZN

, and GoogleGOOGL

in after-hours trading. Thomas Monteiro of Investing.com said the numbers prove “it is nowhere near its peak, neither from the market-demand nor the production-supply-chain sides for the foreseeable future.” And despite circular funding worries after Anthropic’s $30B Azure deal, Jensen Huang keeps dismissing bubble fears, arguing at last month’s GTC that strong willingness to pay shows AI is “profitable.”