Nvidia: Chip giant posts record sales as boss sees AI 'tipping point'

Technology giant Nvidia has posted record revenues thanks to booming demand for its artificial intelligence (AI) chips and data centre business.

The chip maker's revenues for the most recent quarter surged by 265% to $22bn (£17.4bn) from a year earlier.

"Accelerated computing and generative AI have hit the tipping point," the firm's founder and chief executive Jensen Huang said in a statement.

Nvidia's shares jumped by more than 8.5% in extended New York trading.

The company also said that its annual revenues had more than doubled to $60.9bn.

"Demand is surging worldwide across companies, industries and nations," Mr Huang said.

It came as the company forecast a 233% jump in its quarterly revenues for the current quarter, beating analysts' estimates.

"There was a lot riding on this last quarter and they actually absolutely knocked it out of the park," Bob O'Donnell of Technalysis Research told the BBC.

"We're starting to see mainstream usage of AI," he added, highlighting that AI is not longer only used by specialised technology companies.

Nvidia's stock market value has soared by 225% over the last year, making it one of the most valuable companies in the US.