Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Directly into AI infrastructure: servers, storage, power and cooling systems, along with a vast quantity of chips to support Search, Ads, YouTube, Gemini, and

Investors worried about circular financing in the world of artificial intelligence got some more fodder this week, as Nvidia and Microsoft said they would invest in Anthropic, which plans to purchase chips from Nvidia and cloud capacity from Microsoft.

Under the partnership, Nvidia and Microsoft will invest up to $15 billion in Anthropic, a competitor to OpenAI whose models are popular with coders and businesses. Anthropic, in turn, said it would buy $30 billion of computing capacity from Microsoft Azure running on Nvidia AI systems.

If we look back at the past 10 quarterly earnings announcements, from May 2023 to August 2025, Nvidia stock rose on half of those occasions in the five trading days following those reports. So Nvidia's earnings reports aren't linked to a particular performance in the short term. But, over a longer period, the results are much more compelling.

Nvidia has spent much of the year launching new products and partnerships that aim to ensure it keeps its place atop the wild west that is still the AI

There's still somewhat of a market for Nvidia's Hopper chips, which generated $2 billion in revenue during the October quarter, according to CFO Colette Kress. It's been 13 quarters since that platform burst on the scene,

Among stocks that were in the S&P 500 index for the entire year, Nvidia was the best performer in 2023 and in 2024. But here in 2025, a new artificial intelligence (AI) company is sprinting toward first place: Western Digital ( WDC +0.43%).

Nvidia's AI software sales team faces some challenges with big, highly regulated clients. The chip giant still sees healthy growth ahead.