Chip revenues and cloud spending signal sustained infrastructure demand

AI infrastructure suppliers and cloud operators reported rising revenue and substantial spending commitments as Nvidia faced scrutiny over reports that CEO Jensen Huang had been targeted by a foreign intelligence effort. Nvidia’s board initiated an independent investigation, overseen by independent directors with outside counsel. It said it had no reason to believe national security or company secrets were compromised.

Nvidia reported fiscal second quarter revenue of $96.2 billion, up 106% from a year earlier, including Data Center revenue of $89.0 billion. Its Vera Rubin platform is in full production. TSMC reported October revenue of approximately NT$586.89 billion, up 59.7% from a year earlier, and forecast fourth quarter revenue of US$52.3 billion to US$54.3 billion, citing continued strong demand for leading-edge technologies.

Amazon reported AWS third quarter sales of $46.0 billion, up 39% year over year. The company maintained expected cash capital expenditures of approximately $220 billion for 2026, saying the annual increase in property and equipment purchases primarily reflected AI investments.

CoreWeave reported third quarter revenue of $3.66 billion and a revenue backlog of approximately $132.5 billion. It raised full year revenue guidance to $13.0 billion to $13.3 billion and projected capital expenditures of $37 billion to $39 billion, citing infrastructure deployments and customer deliveries arriving sooner than planned. The company also said it had brought multi-rack Nvidia Vera Rubin deployments online.