Nvidia has once again outpaced Wall Street expectations, posting record-breaking revenue and profit that helped ease growing concerns about an overheated AI market. The GPU giant’s latest earnings confirm that demand for AI chips remains exceptionally strong, despite fears of an emerging AI bubble.
The company reported $57 billion in revenue for the October quarter, up 62% year-over-year, beating analyst estimates of $54.9 billion. Nvidia’s profit surged 65% to $31.9 billion, also slightly ahead of expectations.
Following the announcement, Nvidia’s shares jumped more than 6.5% in after-hours trading on Thursday (India time).
CEO Jensen Huang credited the company’s continued momentum to overwhelming demand for its AI chips, especially its next-generation Blackwell GPUs.
“Blackwell sales are off the charts, and cloud GPUs are sold out,”
— Jensen Huang, Nvidia CEO
Huang also dismissed ongoing speculation about a looming AI bubble.
“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” he told investors.
At the Heart of the AI Boom
Nvidia sits at the center of the global AI surge, with a valuation topping $5 trillion at its peak. Its Blackwell AI processors power the massive data centers being built worldwide to support generative AI, large language models, and cloud-scale computing.
However, the rapid growth has raised questions about sustainability. Billions of dollars are being poured into new AI infrastructure, prompting concerns about whether tech companies will ever recoup their investments. Some investors also fear a chain reaction if one major player in the AI economy falters.
Fueling bubble concerns is the rise of “circular” AI investments—such as the $100 billion OpenAI–Nvidia deal, where companies invest heavily in each other to accelerate chip purchases and compute capacity.
Earnings Show the Bubble Fears May Be Overblown
For now, Nvidia’s blockbuster quarter suggests that the AI market remains robust. Many analysts believe the company still hasn’t reached its peak, and Big Tech players—Meta, Microsoft, Google, Amazon—continue to double down on AI infrastructure spending.
Still, not everyone is fully convinced. Google CEO Sundar Pichai recently cautioned that AI systems remain prone to errors and warned that if an AI bubble bursts, no major company will be immune.
Google also announced Gemini 3, its newest AI model powering a range of its products, including Search.