‘Off the charts’ demand for AI chips powers strong third quarter for Nvidia, calming worries of AI bubble

Nvidia CEO Jensen Huang touted “off the charts” demand for its advanced computer chips as the tech titan reported strong third-quarter results on Wednesday – a major relief for investors who have fretted about a potential AI bubble.

The AI chip giant also provided strong fourth-quarter guidance, indicating it expects sales of $65 billion – higher than the $61.66 billion predicted on Wall Street, according to LSEG data.

The results were expected to steady markets, which were wobbly in recent days over concerns that tech stocks are overvalued and AI companies have overspent on the fledging technology, with little revenue to show for it.