SAN FRANCISCO – Chipmaker Nvidia has reported record sales, a strong indicator that the demand for artificial intelligence (AI) technology remains robust. The company, which has become a key barometer for the AI boom, reported revenue of $46.74 billion for the three months ending in July, representing a 56 percent increase year-over-year.

Despite the strong results, Nvidia’s stock price fell slightly in after-hours trading, reflecting the market’s extremely high expectations for the company, which is valued at more than $4.4 trillion. The company’s CEO, Jensen Huang, stated that production of its latest chips is at “full speed” and that demand for its products is “extraordinary.”

The earnings report also highlighted the impact of geopolitical factors, as the reported sales did not include any shipments to China due to U.S. government export controls.

Source Citation: This article is based on reporting from Al Jazeera, originally titled “Chip giant Nvidia’s sales rise 56% in boost for AI boom.”