Nvidia's revenue rose 62 percent year-on-year to $57 billion this quarter, beating Wall Street estimates.

The surge in sales, led by GPU orders for AI data centers, came despite growing market concerns of an AI bubble.

Data center-specific sales rose 66 percent to $51bn, with CEO Jensen Huang claiming that “Blackwell sales are off the charts, and cloud GPUs are sold out.”

CFO Colette Kress added: "We currently have visibility to $0.5 trillion in Blackwell and Rubin revenue from the start of this year through the end of calendar year 2026."

That order backlog does not include the most recent deals, such as one with Anthropic and an expanded Humain deal in Saudi Arabia.

Networking revenue totaled $8.2 billion, up 162 percent year-over-year.

"We are winning in data center networking, as the majority of AI deployments now include our switches with Ethernet GPU attach rates roughly on par with InfiniBand," Kress said.

"Meta, Microsoft, Oracle, and xAI are building gigawatt AI factories with Spectrum-X Ethernet switches, and each will run its operating system of choice, highlighting the flexibility and openness of our platform."

The record earnings come as investors' fears of AI overspending and recession grow, with Nvidia and hyperscaler share prices dipping in recent weeks.

"There's been a lot of talk about an AI bubble," Huang said. "From our vantage point, we see something very different."

Nvidia has also been criticized for investing in the companies that buy its GPUs, essentially funding its own sales.

With respect to the investments, this is really, really important work that we do," Huang said. "All of the investments that we've done so far, all the period, are associated with expanding the reach of CUDA, expanding the ecosystem."

The company is currently barred from selling its latest hardware to China, though some GPUs do reach the country through smuggling.

CFO Kress said: "While we were disappointed in the current state that prevents us from shipping more competitive data center compute products to China, we are committed to continued engagement with the US and China governments and will continue to advocate for America's ability to compete around the world."

She added: "Consistent with last quarter, we are not assuming any data center compute revenue from China."