Chip giant Nvidia has set a new sales record, a sign that demand for artificial intelligence remains strong despite fearsthe technology may be overhyped.

Nvidia, the world’s most valuable company, on Wednesday reported revenue of $46.74bn for the three months that ended in July, a rise of 56 percent year-on-year.

Profit for the quarter was $26.42bn, a yearly rise of 59 percent.

Nvidia’s latest earnings report had been hotly anticipated as the tech giant is widely seen as a barometer of the AI boom, which has lifted the US stock market from all-time high to all-time high.

Nvidia CEO Jensen Huang said that production of Blackwell Ultra, Nvidia’s latest platform using its most advanced chips, was ramping up “at full speed” and demand for the company’s products was “extraordinary”.

“The

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