The Globe and Mail reports in its Thursday edition that Nvidia's quarterly revenue more than doubled, and it forecast third quarter revenue above Wall Street estimates, indicating strong demand for its artificial intelligence chips. A Reuters dispatch to The Globe reports that the results did little to ease investor concerns about the AI spending cycle that has powered Nvidia's meteoric rise. As of Wednesday's close, Nvidia has gained just 12.4 per cent so far this year, while AMD and Intel have more than doubled. The report comes weeks after companies including Microsoft and Meta reinforced expectations that Big Tech would spend more than $730-billion on AI infrastructure this year, an unprecedented sum that marks a big step up from last year's $400-billion outlay (all figures U.S.). Tech companies are increasingly spending on in-house chip development to reduce reliance on Nvidia's expensive, supply-constrained processors. Nvidia expects adjusted gross margin to be 74 per cent, plus or minus 50 basis points, for the third quarter. Analysts were expecting 74.77 per cent. It forecast third quarter revenue of $108-billion, plus or minus 2 per cent, compared with analysts' average estimate of $104.19-billion.