Nvidia crushes earnings expectations on AI chip demand

US chipmaking behemoth Nvidia said Wednesday it made a $19 billion profit on record high revenue last quarter as demand continued for its hardware to power artificial intelligence. Nvidia reported quarterly sales of $35.1 billion, some $2 billion more than market expectations.

Nvidia surpassed Apple early this month to become the highest valued company in the world as the artificial intelligence boom continues to excite Wall Street. Following its quarterly report, Nvidia's share price ebbed nearly two percent in after-hours trading to $143.24.

Investors may have been concerned about the company stating that its margin, the amount of money it makes off processors, is expected to narrow.