NVIDIA'S RISING STAR GETS EVEN BRIGHTER WITH ANOTHER STELLAR QUARTER PROPELLED BY SALES OF AI CHIPS

Computer chip maker Nvidia has rocketed into the constellation of Big Tech's brightest stars while riding the artificial intelligence craze that's fueling red-hot demand for its technology.

The latest evidence of Nvidia's ascendance emerged with Wednesday's release of the company's quarterly earnings report. The results covering the May-July period exceeded Nvidia's projections for astronomical sales growth propelled by the company's specialized chips - key components that help power different forms of artificial intelligence, such as Open Al's popular ChatGPT and Google's Bard chatbots.

"This is a new computing platform, if you will, a new computing transition that is happening," Nvidia CEO Jensen Huang said during a conference call with analysts.

Nvidia's revenue for its fiscal second quarter doubled from the same time last year to $13.51 billion, culminating in a profit of $6.2 billion, or $2.48 per share, more than nine times more than the company made a year ago. Both figures were well above the projections of analysts polled by FactSet Research.

And the momentum is still building. The Santa Clara, California, company predicted its revenue for its August-October quarter will total $16 billion, nearly tripling its sales from the same time last year. Analysts had been anticipating $12.6 billion in revenue for that period encompassing Nvidia's fiscal third quarter, according to FactSet.