Nvidia forecast third-quarter revenue above Wall Street estimates on Wednesday, helped by robust demand for its artificial intelligence chips from cloud providers expanding infrastructure to power generative AI technology.

The AI market bellwether expects revenue of $54 billion, plus or minus 2%, in the third quarter, compared with analysts’ average estimate of $53.14 billion, according to data compiled by LSEG. The company said it has not assumed any shipments of its H20 chips to China in the outlook.

Shares of the world’s most valuable firm fell 2.5% in extended trading. Nvidia shares have gained more than a third so far in 2025, outpacing the benchmark S&P 500 Index’s year-to-date rise of nearly 10%.

But the company has been caught in the crossfire of the trade war between Washington

See Full Page