Nvidia's latest quarterly results once again blew past Wall Street's expectations as revenue for the computer chip company's high-end artificial intelligence chips soared, the latest sign that AI infrastructure spending remains strong.
The company reported on Wednesday net income of $59.69 billion, or $2.46 per share, for the May-July period. That compares to net income of $26.42 billion, or $1.08 per share, in the same quarter last year.
Excluding certain items, earnings were $2.22 per share, well above the $2.09 per share consensus forecast by Wall Street analysts, according to FactSet.
Revenue more than doubled from a year earlier to $96.22 billion, surpassing analysts’ average forecast of $92.27 billion.
The Santa Clara, California, company's results have regularly cleared the bar set by analysts in the past three years, often by a wide margin, since Nvidia’s high-end chips emerged as AI’s best building blocks.
Along with higher profit and revenue, however, Nvidia’s operating expenses surged 55% to $8.41 billion.
For the current quarter, Nvidia forecast revenue of about $108 billion. Analysts are forecasting $104.86 billion.
If Nvidia hits its revenue target for the August-October period, it will translate into a roughly 89% increase from last year — an indication that Nvidia’s phenomenal growth rate is still accelerating.
The company said it’s not assuming any data center compute revenue from China in its outlook.
“AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” said CEO Jensen Huang in a statement.
Nvidia’s data center segment, which includes its AI data centers and factories business, as well as chip demand from hyperscalers — operators of huge cloud-computing data centers such as Amazon, Meta and Google — reported revenue of $89 billion, up more than twofold from a year earlier.
The company’s edge computing segment, which includes chips bringing AI-powered features to computers, game consoles and robotics, among others, posted revenue of $7.2 billion, up 27% from the same period last year.
Despite the stellar results and still-rosy outlook, many investors worry about a jarring comedown after a three-year boom that has seen Nvidia’s market value soar from $400 billion at the end of 2022 to roughly $5.2 trillion now.
While AI has powered stock market gains and U.S. economic growth in recent years, there’s been growing skepticism about whether AI will justify the trillions of dollars that are being spent to develop the technology.
The AI industry is also increasingly facing pushback amid objections to the expansion in data centers and fears that the speed with which AI is being adopted could lead to widespread job losses for many Americans.
Nvidia’s shares slipped 0.3% in after-hours trading shortly after it released its latest results. The stock ended the regular trading session 1.6% lower and is up 12.4% so far this year.
FILE - Jensen Huang, president and CEO of Nvidia, waits for a groundbreaking ceremony for an expansion of Coherent's manufacturing facility to begin on June 16, 2026, in Sherman, Texas. (AP Photo/Jeffrey McWhorter, File)
PORTLAND, Maine (AP) — Maine's Republican nominee for governor recently told a crowd of supporters that he would ask a top Department of Homeland Security official to send U.S. Marshals and Immigration and Customs Enforcement agents to polling places in the state for this fall's midterm elections, according to audio obtained by The Associated Press.
During an Aug. 20 event in Arundel, Bobby Charles told a group of supporters that he would ask Tom Homan, the White House border czar, to send federal agents to polling places in the weeks before Election Day. The audio was first reported by the Bangor Daily News.
“Here’s my secret,” Charles told members of a Maine Young Republicans chapter. “I have a friend named Tom Homan. Tom and I used to get on Fox all the time together. Tom’s an awesome guy.”
“I’m going to ask Tom, I’m going to actually — three or four weeks before the election, maybe three — I’m going to make an appeal for ICE and Marshals to be at our voting booths,” Charles said, according to the audio.
On Wednesday, he explained his comments by saying state and local authorities who manage elections should have an open line of communication with federal authorities if needed to “prevent violence at a voting place, in order to prevent intimidation at a voting place and in order to prevent illegality at a voting place.”
He said his point was that Maine authorities should do everything legally possible to prevent illegal voting in the state.
“Everybody who is legally entitled to vote should be free from any intimidation and should be able to vote,” he said in a statement released by his campaign. “Anybody who is not legally entitled to vote should not be voting.”
Charles' comments come as President Donald Trump continues to sow doubt about the security of elections in the U.S. elections and takes unprecedented measures to intervene in election administration. The Constitution gives states, and sometimes Congress, the authority to set election rules but grants no such power to the president.
A central part of his attacks is to claim widespread fraud through voting by noncitizens. But those claims are vastly overstated. Voting by noncitizens is exceptionally rare and is punishable as a felony, with deportation as one potential penalty.
Nevertheless, Trump has been pushing Congress to pass a bill that would require voters to show documentary proof of citizenship to vote in the upcoming midterms and signed an executive order directing the Postal Service to send mail ballots only to those on an approved list of verified voters.
When reached for comment on Wednesday, DHS did not address whether department officials had held or planned to hold conversations with political campaigns about election security. DHS officials have previously said they do not have plans to send ICE agents to polling places.
“Elections exist for the American people, not illegal aliens, to choose their leaders,” a Homeland Security spokesperson said in a statement to the AP.
Democratic state officials have been concerned about the possibility of immigration agents showing up near polling places on Election Day or during early voting. Several states have taken actions this year to guard against it.
In February, a DHS official told a group of secretaries of state that “any suggestion that ICE will be present at any polling location is simply not true,” according to several secretaries who were part of the conversation. That followed congressional testimony from the heads of the U.S. Immigration and Customs Enforcement and Customs and Border Protection, who both answered “No, sir” when asked if they are involved in any efforts to guard voting precincts.
Maine Secretary of State Shenna Bellows, a Democrat, said ICE agents are prohibited by law from being at polling places and that Maine residents can expect a free and secure election in November. Bellows ran for governor this year but lost in the Democratic primary.
“The political rhetoric coming from Mr. Charles is just politics, but it won’t change the laws or the Constitution,” Bellows said.
The Maine Democratic Party also criticized Charles’ comments and described his plan as likely illegal. The party also criticized the timing of the comments as the state is continuing to wrestle with the killing of Biddeford resident Johan Sebastián Durán Guerrero by an ICE officer earlier this summer.
The comments expose Charles as a “MAGA extremist” who will do Trump’s bidding, said Maine Democratic Party Executive Director Devon Murphy-Anderson.
“His plan to ask Trump’s border czar to send ICE agents to Maine polling places just weeks before Election Day is not only deeply alarming — it is likely illegal. This is a blatant attempt to intimidate voters and yet another reason Bobby Charles is too extreme for Maine,” Murphy-Anderson said.
Federal law prohibits the military and federal agencies from putting troops or armed officers near polling sites, according to the Brennan Center.
The White House has dismissed concerns that federal agents would interfere with elections and noted that there was no disruption to the election process in last year’s elections, when Democrats performed well.
During his March confirmation hearing, Homeland Security Secretary Markwayne Mullin downplayed concerns about ICE agents being used to intimidate voters or interfere with election administration. But he maintained that agents had a right to conduct immigration enforcement activities at sites related to election administration.
“I don’t understand what the concern is about enforcement of immigration at polling places anyways, because honestly if you’re not a citizen you shouldn’t be voting anyways,” Mullin testified. “So technically, there shouldn’t be illegals at the polling spot.”
He continued: “The only reason why my officers would be there is if there was a specific threat for them to be there, not for intimidation.”
Charles is an attorney who served as U.S. assistant secretary of state under President George W. Bush. He won the Republican primary for governor in June and will face Democratic candidate Hannah Pingree, the former speaker of the Maine House of Representatives, in November. Democratic Gov. Janet Mills, a Democrat, is term-limited.
Brown reported from Washington, D.C.
FILE - Maine Republican gubernatorial candidate Bobby Charles fields a question during a debate of Republican candidates for governor in Bangor, Maine, on March 24, 2026. (Rich Abrahamson/The Central Maine Morning Sentinel via AP, File)
