Fears of an AI bubble took at least a temporary breather after Nvidia (NVDA) reported higher earnings as well as a strong fourth-quarter outlook after U.S. markets closed Wednesday.
The chipmaker beat Wall Street expectations for the third quarter, reporting revenue of $57.01 billion, up 62% from a year earlier, as the AI investment boom continues to fuel demand for its chips.
“Blackwell sales are off the charts and cloud GPUs are sold out,” said CEO Jensen Huang. “The demand for compute continues to accelerate and scale across training and inference, each growing exponentially.”
At press time, the company’s shares were up 4% in after-hours trading.
Data center revenue – arguably the company’s largest revenue source – came in at $51.2 billion, slightly above analysts’ forecasts of $49.34 billion.
As for the all-important outlook, NVDA is forecasting fourth-quarter revenue of $63.7 billion to $66.3 billion, compared to just $62 billion according to Street estimates.
The news has calmed the particularly nervous crypto markets for the moment, sending bitcoin back above $90,000 after nearly falling to $88,000 earlier on Wednesday. AI-driven crypto tokens like Close Protocol , And all rose 4-5% after the report.
Bitcoin mining stocks that have also shifted their focus to AI infrastructure are also on the move. These names have seen a big rally this year, but have taken a brutal beating lately due to general tech/crypto selling combined with fears of an AI bubble. Among the gainers Wednesday evening: IREN (IREN) up 8%, Cipher Mining (CIFR) up 11% and Hut 8 Mining (HUT) up 6%.
The results reinforce Nvidia’s position at the center of the artificial intelligence supply chain. Its GPUs are essential for training large language models, powering data centers, and running machine learning workloads at major technology companies.
The company will hold a conference call at 5 p.m. ET, as investors seek reassurance that the company’s massive bets on AI infrastructure, software tools and next-generation chips are translating into sustainable revenue.
