‘The race is on’ for AI: Nvidia CEO bullish as Q2 revenue tops estimates

Shares of computer chip producer Nvidia skyrocketed nearly 10% in after-hours trading as surging demand for AI chips saw the firm post Q2 profits that considerably beat Wall Street estimates.In its Q2 revenues report, the business posted a massive $13.5 billion in revenue for the quarter– an 88% boost from Q1. Business around the world are transitioning from general-purpose to sped up computing and generative AI,” said Jensen Huang, creator and CEO of NVIDIA in a statement. Related: UK to spend $130M on AI chips in the middle of scramble to buy up calculating powerLooking forward, the company forecasted that its profits would increase an extra 18% to $16 billion by Q3 this year.In the last 10 months, Nvidias share cost has swollen by more than 300%, triggering its market capitalization to top $1.16 trillion at the time of publication, according to information from Google Finance.