Nvidia's latest earnings report came in Wednesday, and its results were higher than Wall Street expected. CBS News MoneyWatch correspondent Kelly O'Grady breaks down the numbers.

Wall Street

Nvidia announced its third quarter earnings, reporting $57 billion in revenue, which surpassed Wall Street expectations. The company, currently valued at $5 trillion, also beat profit estimates and remains a significant component of many investment portfolios.

Looking ahead, Nvidia projects $65 billion in revenue for the fourth quarter, higher than analysts' forecasts. Despite ongoing concerns about a potential artificial intelligence bubble, demand for Nvidia's AI chips remains strong, reflecting continued heavy investment in the sector.

Nvidia's Q3 earnings come in higher than expected

Artificial intelligence chip maker NVIDIA's latest earnings report came in just moments ago and higher than Wall Street expected. The world's most valuable company reported $57 billion in third quarter revenue. This comes as investors have expressed concern over the possibility of an artificial intelligence bubble. Let's bring in Kelly O'Grady from the CBS Broadcast Center. Kelly, it is often said that the stock market isn't the economy, and we should probably say that NVIDIA is not the stock market, although it sometimes feels that way. That's right, though. It is part of your 401k, probably a decent part given how much investors have really buoyed this company. Look, I was just listening to the beginning of the earnings call. It's going on right now, but NVIDIA earnings was said to be the most important day of the year for Wall Street, and investors are really happy about this. You mentioned you look at the third quarter, they beat on revenue, they beat on profit. Major, though, I always take that forward-looking approach of great, we love to see the demand, we love to see what comes next. They are projecting $65 billion, okay? They came in at $57 billion for the third quarter. They're looking at $65 billion in revenue for Q4, and that's compared to what Wall Street was expecting at $62 billion. So what does this tell you, though, about the AI bubble? It could still very be that there is an AI bubble, but what NVIDIA does is they make the building blocks that all of these companies that are spending hundreds of billions, trillions of dollars in total across the market on AI, they just need there to be an AI race for them to win, because there's so much demand for their chips that it does tell us that the AI frenzy is alive and well, the spending is alive and well, but it's not going to alleviate investor fears that those companies that are spending a bunch are not going to turn a profit at some point, right? That's really the point behind the AI bubble, that there's so much invested in these companies, but it's not reflected at the underlying foundation. And NVIDIA, we should point out, a $5 trillion company, the only company on the globe with that $5 trillion designation. Quickly, we're in post-shutdown phase, but we are still going to be missing some of the things that might have been created in terms of government data, had there not been a shutdown. That's right. We are getting the September jobs report tomorrow. That's going to be a really important one for the Fed, but they canceled the October data. And that's going to leave the Federal Reserve, when they meet in a couple of weeks, everyone's expecting an interest rate cut in December. It may not come, which that might impact the market, but yeah, people are going to be looking and saying, you know, what do I do here? Tomorrow's going to be important, but let's remember that it's backward looking. This is back in September that that data's from. Breaking it down beautifully, as always, Kelly O'Grady, thank you so very much.

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Breakdown