Nvidia posted $81.6 billion in revenue for the April quarter, up 85% from a year earlier|Diego Torres Silverstre|CC BY 2.0

US chipmaker Nvidia reported record quarterly sales and profit on Wednesday as demand for artificial intelligence infrastructure continued to surge. 

The chipmaker posted $81.6 billion in revenue for the April quarter, up 85% from a year earlier and above Wall Street forecasts of $78.9 billion. 

Net income jumped to $58.3 billion, more than triple last year’s figure and far ahead of analyst expectations.

CEO Jensen Huang said demand for AI computing has gone parabolic as companies race to build and deploy AI agents. Nvidia’s data-center business led the growth, while networking hardware sales tripled to a record $14.8 billion.

The company also announced an $80 billion share buyback plan and raised its quarterly dividend to 25 cents per share. 

Nvidia’s stock has climbed nearly 20% this year, pushing its market value close to $5.5 trillion and making it the world’s largest publicly traded company.