Chip maker Nvidia delivers record profit but shares still fall [Video]

Nvidia posted record quarterly profits last night in hotly anticipated figures that provide the latest evidence of the artificial intelligence (AI) boom that has gripped Wall Street, writes Leah Montebello.

The US chipmaker, which designs and supplies graphics processing units for building AI systems, said profits hit €15bn for the three months to the end of July, more than twice as high as the same period a year before.

Revenues surged 122pc to €27bn. The chipmaker has become a bellwether for the AI boom that has powered markets ahead and its results are as closely watched as major economic figures or central bank updates.

Dan Coatsworth, analyst at AJ Bell, said: “The company has become so big that it has the power to move markets around the world, up or down.”

Dan Ives of Wedbush Securities, described it as “the most important earnings report for the stock market this year”.

Despite …