Nvidia just posted one of the biggest quarterly results in corporate history. Here is what the numbers mean.

The headline: fiscal Q2 revenue of $96.2 billion, up 106 percent year on year. That is roughly the GDP of a mid-sized country, earned in three months.

The engine: data centre sales of $89 billion, about 93 percent of revenue. Nvidia’s AI chips power most of the world’s large AI models.

The profit: earnings per share of $2.22. The company guided Q3 revenue of $108 billion, suggesting the AI boom is still accelerating.

The signal: Nvidia’s results are the market’s purest read on AI demand. Cloud providers are ordering chips as fast as they can be made; supply, not demand, is the constraint.

The risk: the entire AI trade now hinges on this spending continuing. Any slowdown in data centre orders would ripple across tech stocks worldwide.

Nvidia reports after US markets close, and its numbers routinely move the entire tech sector. Few companies carry as much weight in market sentiment right now.