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AI chipmaker Nvidia<\/a> reported $30 billion in revenue in the second quarter, more than double its revenue at this time last year and topping bullish analyst targets amid a booming market for generative AI technology.\u00a0<\/p>\n But despite the beat, shares of Nvidia slipped roughly 3% to $121.91 in after hours trading following the release of the results.\u00a0<\/p>\n Nvidia, the leading maker of the chips that power AI services like OpenAI\u2019s ChatGPT and Google\u2019s Gemini, said it expected sales in the current quarter to total $32.5 billion, plus or minus 2%. Analysts were expecting Q3 revenue of $31.9 billion, according to Bloomberg.<\/p>\n Excluding certain items, the company said it earned 68 cents per share in the recently ended quarter, versus analyst expectations of 65 cents a share.<\/p>\n Nvidia has been one of the biggest beneficiaries of the AI craze, as internet companies like Google<\/a>, Meta, and Amazon<\/a> spend tens of billions of dollars on the infrastructure to provide AI services.\u00a0<\/p>\n While Nvidia faces competition from rival chipmaker AMD<\/a> and startups including Cerebras and Grok, the company currently controls 90% of the market for AI chips, according to analysts.\u00a0 That dominance has fueled a massive rally in the company\u2019s stock, which has more than doubled this year and now represents nearly 7% of the S&P 500.<\/p>\n Read also:<\/em><\/strong><\/p>\n What Nvidia\u2019s much-anticipated earnings will tell us about the AI industry\u2019s prospects overall<\/a><\/p>\n Nvidia employees often work seven days a week and until 2 a.m. but golden handcuffs keep them tied to the company<\/a><\/p>\n<\/div>\n\nRecommended reading:<\/strong>
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