NVIDIA records mega profits thanks to its AI chip business

If you've been wondering who's making the most money from the AI boom, NVIDIA may have the answer in it's latest earnings report. The company announced revenue of $13.51 billion in the second quarter, more than doubling the $6.7 billion it made last year and crushing market expectations. On top of that, it earned $6.18 billion in GAAP net income, nine times the $656 million it made in Q2 2022. NVIDIA's gaming segment did pretty well too, thanks to $2.49 billion in Q2 revenue, up 22 percent from last year. During the quarter, it started shipping the budget-oriented GeForce RTX 4060 GPU, announced the Avatar Cloud Engine (ACE) for games and saw the addition of 35 DLSS games including Diablo IV. (Earlier this week, it unveiled DLSS 3.5 designed to use AI to make ray-traced games look better.)