Chip maker Nvidia last night delivered a 94pc surge in quarterly sales to €33.25bn - beating Wall Street forecasts, writes John-Paul Ford Rojas.

The tech giant has overtaken Apple to become the world's most valuable company - worth over €3.5trillion - thanks to the boom in artificial intelligence, a market that it dominates.

Chief executive Jensen Huang said: "The age of AI is in full steam, propelling a global shift to Nvidia computing."

Shares are up more than 200pc this year.

But the lofty valuation also means investors have high expectations for its growth.

Last night's third quarter results, published after New York stock markets closed, showed revenues surpassing the €31.44bn expected by analysts.

Profits, meanwhile, more than doubled to €18.36bn.

Attention was also focused on its current fourth quarter.

Nvidia said it expects revenues of €35.5bn - also ahead of Wall Street expectations.

In a note issued ahead of the results, Dan Ives, analyst at Wedbush Securities, said: "There is one company in the world that is the foundation for the AI Revolution ... and that is Nvidia."

Photo: NVIDIA founder, President and CEO Jensen Huang. (Photo by Chip Somodevilla/Getty Images)