Nvidia (NVDA) easily topped second-quarter earnings estimates on Wednesday, proving the bullish Artificial Intelligence (AI) trend is here to stay. The chipmaker reported Q2 revenue of $13.51 billion versus consensus estimates of $11.19 billion, according to FactSet data. The company’s Q2 earnings per share was $2.70, beating estimates of $2.08. Nvidia also said it expects third-quarter revenue to be about $16 billion (plus or minus 2%) versus estimates of just $12.59 billion.
Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI, said Jensen Huang, founder and CEO of Nvidia in a press release. The race is on to adopt generative AI, he added.
The positive news sent AI-related cryptocurrencies such as FET, GRT, INJ, RNDR and AGIX up more than 4% over the past 24 hours, outperforming the CoinDesk Market Index’s (CMI) 3% advance. This follows Nvidia’s blowout first-quarter results from last May which revealed an extremely bullish outlook for revenue tied to AI.
Nvidia’s shares rose more than 7% in U.S. after-hours trading after gaining about 3% during the regular session. The stock is higher by more than 200% this year, according to TradingView data.