Good morning, investors. Nvidia delivered, once again and as always. Is anyone surprised? The bulls were bullish and the company still beat expectations.

The numbers continue to tell an absurd story.

Nvidia's quarterly revenue is now more than triple what the entire company generated in all of 2022.

While bears continue to pound the table about an AI bubble, the company’s operating income rose to $63.7 billion in the second quarter, up from $53.5 billion the prior quarter.

That $10.2 billion increase is bigger than the $10.0 billion Nvidia earned in operating profit across all of fiscal 2022.

Revenue in the latest quarter hit $96.2 billion, a ridiculous 106% increase from a year ago and an 18% jump from the prior quarter.

Data center supplied $89 billion of that total, rising 117% year-over-year.

A few more absurd details:

Indeed, CEO Jensen Huang reaffirmed his optimism on the AI buildout and Nvidia’s role at the center of the ecosystem.

“This time last year, one lab alone was driving the buildout,” Huang said Wednesday after the bell.

“Today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online — with strong momentum across the U.S. and around the world.”

To be sure, the market has grown accustomed to earnings beats from Nvidia.

The stock has dropped the day after each of the last four earnings reports.

🏦 PCE inflation left the Fed divided heading into Jackson Hole. Core prices rose 3.3% year-over-year in July while headline came in hotter at 3.7%, complicating Warsh's path forward. (Yahoo Finance)

🚀 Okta surged 15% after beating earnings estimates. The company gave software bulls one more data point that AI-related security spend is holding up even as broader IT budgets tighten. (CNBC)

📊 Meta agreed to pay $16.7 billion to settle a landmark social media addiction case. California could collect up to $2.1 billion under the deal which forces new teen guardrails including nighttime blocks and daily usage limits on Facebook and Instagram. (Forbes)

📊 Salesforce crushed earnings. It sits on a $50 billion buyback authorization and a raised fiscal 2027 revenue guide of $45.9 billion to $46.2 billion, giving investors a positive read on enterprise software demand into September. (CNBC)

Jack Raines is a venture capital investor and the author of Young Money, a book I highly recommend. We sat down to discuss why young people are ditching stocks for gambling, the rise of prediction markets, whether classic investing advice applies to Gen Z, and more.

Tune in on Spotify, Apple Podcasts, or YouTube.

🗓 August 27, 1859: Edwin Drake struck oil at 69.5 feet in Titusville, Pennsylvania, launching the modern petroleum industry and setting off decades of speculative booms and busts.

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