Live coverage: Nvidia tops Wall Street revenue targets

AI chipmaker Nvidia reported $30 billion in revenue in the second quarter, more than double its revenue at this time last year and topping bullish analyst targets amid a booming market for generative AI technology.

But despite the beat, shares of Nvidia slipped roughly 3% to $121.91 in after hours trading following the release of the results.

Nvidia, the leading maker of the chips that power AI services like OpenAI’s ChatGPT and Google’s Gemini, said it expected sales in the current quarter to total $32.5 billion, plus or minus 2%. Analysts were expecting Q3 revenue of $31.9 billion, according to Bloomberg.

Excluding certain items, the company said it earned 68 cents per share in the recently ended quarter, versus analyst expectations of 65 cents a share.

Nvidia has been one of the biggest beneficiaries of the AI craze, as internet companies like Google , Meta, and Amazon spend tens of billions of dollars on the infrastructure to provide AI services.

While Nvidia faces competition from rival chipmaker AMD and startups including Cerebras and Grok, the company currently controls 90% of the market for AI chips, according to analysts.  That dominance has fueled a massive rally in the company’s stock, which has more than doubled this year and now represents nearly 7% of the S&P 500.

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This story was originally featured on Fortune.com