Chip giant Nvidia rides AI wave as profits soar

US chip giant Nvidia, whose products play a crucial role in artificial intelligence systems, crushed expectations on Wednesday, as the post-ChatGPT AI frenzy continues to lift the tech sector.

The Silicon Valley-based company said sales doubled year-on-year to $13.5 billion in the latest completed quarter, leaving a net profit of $6.2 billion — an eye-watering 843 percent higher than a year before.