Nvidia Corp., the world's most valuable publicly traded company, gave a tepid revenue forecast for the current period, fueling concerns that a massive run-up in artificial intelligence spending is slowing.

Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The forecast excluded data center revenue from China, a market where it has struggled with U.S. export restrictions and opposing pressure from China.

The outlook adds to concern that the current pace of investment in artificial intelligence systems is unsustainable. The difficulties in China also have clouded Nvidia's business. Though the Tru

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