What AI bubble? Nvidia's strong earnings signal there's more room to grow

Nvidia is at the head of the artificial intelligence revolution. Its earnings could determine where the economy goes next.

U.S. stock markets were poised for lift off Thursday, after a strong earnings report from computer chip giant Nvidia signaled that there is still plenty of room to run in the artificial intelligence boom that has powered markets higher for much of the year.

Prior to the opening bell, bets on the S&P 500 were up about 1%, while the tech-heavy Nasdaq climbed 1.5%.

Late Wednesday, Nvidia said sales of its trademark Blackwell AI chips "are off the charts," while another set of key computer processing units is "sold out,” founder and CEO Jensen Huang said in a statement.

On a call with investors following the report, Huang dismissed concerns about an AI bubble.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang said.