Nvidia’s quarterly sales double on the back of AI boom

The artificial intelligence boom continues to fuel a blockbuster year for chipmaker Nvidia.

Nvidia’s stock jumped as much as 9% in after-hours trading Wednesday after the Santa Clara, California-based company posted year-over-year sales growth of 101%, to $13.5 billion for the three months ended in July — a new record for the company.

The results were even stronger than the $11.2 billion in revenue that Wall Street analysts expected. The company’s non-GAAP adjusted profits grew a stunning 429% from the same period in the prior year to $2.70 per share, also beating analysts’ expectations. GAAP stands for generally accepted accounting principles.

Nvidia expects revenue to be even higher in the current quarter: forecasting revenue of $16 billion for its fiscal third quarter.