Chip powerhouse and the most valuable firm globally, Nvidia, announced unprecedented profits in its latest quarterly report on Wednesday, driven by soaring demand for AI computing.

“The demand for tokens globally has surged to an entirely new level,” stated CEO Jensen Huang during a call with analysts discussing the results. “We’re all witness to this, to the extent that even our six-year-old GPUs in the cloud are fully utilized and prices are rising.”

The firm reported revenues of $68 billion in the latest quarter, reflecting a 73% increase from the previous year, with $62 billion of this income derived from its data center segment.

Notably, Nvidia separated its data center earnings into $51 billion from computing (primarily GPUs) and $11 billion from networking offerings such as NVLink. The total revenue for the year reached $215 billion.

Consistent with previous quarters, the company did not disclose any revenue from chip sales to China, even with the recent U.S. government lifting of export restrictions. “While minor shipments of H200 products for customers in China have been approved by the U.S. government, they have not generated any revenue yet, and we remain uncertain about the possibility of further imports into China,” stated Colette Kress, the firm’s chief financial officer.

“Our Chinese competitors, supported by recent IPOs, are advancing,” she added, seemingly referring to Moore Threads’ IPO last December, “and could potentially disrupt the global AI industry’s landscape in the long run.”

During the investors’ call, Huang also discussed the company’s anticipated investment in OpenAI, which is reported to be $30 billion.

“We are actively collaborating with OpenAI towards a partnership deal. We believe we are nearing an agreement,” Huang noted. He also pointed to collaborations with Anthropic, Meta, and Elon Musk’s xAI. However, statements Nvidia filed with the U.S. Securities and Exchange Commission on Wednesday highlighted that there was “no guarantee” an investment could occur.

Huang further addressed worries regarding the viability of tech firms’ capital expenditure commitments, expressing confidence that the computing investments would soon yield returns.

“In this new era of AI, compute is income. Without compute, creating tokens is impossible. Without tokens, revenue growth is unattainable,” Huang remarked. “We have arrived at the inflection point, producing profitable tokens that benefit customers and yield profits for cloud service providers.”