Nvidia (NASDAQ: NVDA) raised its outlook for the current quarter after reporting fiscal third-quarter results on Wednesday that exceeded Wall Street expectations, as the global AI race continued to fuel heavy demand for its Blackwell-generation processors.

Investors responded positively to both the report and the company's earnings call, where CEO Jensen Huang sought to ease concerns about an emerging “AI bubble.” Nvidia shares were up more than 4% intra-day on Thursday.

For the quarter ended Oct. 26, Nvidia reported adjusted earnings per share of $1.30, increasing from $0.78 a year earlier. Revenue surged 62% year over year to $57.01 billion, topping analyst expectations of $54.8 billion.

The company's data center division — which includes Blackwell AI chips and previous-generation Hopper chips — generated $51.22 billion in revenue, up 66% from a year ago and above the $49.09 billion consensus.