Record earnings lift Nvidia
Jensen Huang led Nvidia through a second-quarter earnings call that revealed revenue of $96.2 billion, up 106% year-on-year and 18% from the previous quarter. The chipmaker also forecast fiscal 2028 sales to rise 70% from the prior year, well above analysts' 44% expectation.
"I think the whole market was like, 'Whoa, 70%'," said Melissa Otto of S&P Global.
The company said supply constraints prevent it from meeting all demand, but it is confident in delivering the 70% growth rate.
DeepMind loses its European edge
A study by UK-based data firm Zeki Data shows Google DeepMind's share of AI research and engineering hires across Europe, the Middle East and Africa fell from 49% in 2022-23 to 18.6% in 2025-26. The decline is the steepest recorded for any major AI lab in the region.
"They had the crown in Europe forever, and then it started to erode from a very high base," said Tom Hurd, co-founder of Zeki Data.
Competitors such as Microsoft, Meta, OpenAI and Anthropic are gaining ground, according to the analysis.
Market reaction
U.S. tech futures rose after the Nvidia announcement, with Nasdaq 100 futures up 1.16%. In Europe, the Stoxx 600 slipped 0.5% and the FTSE 100 fell 0.68% in early trading. Asian markets were mixed, with South Korea's KOSPI gaining 1.53% while Japan's Nikkei slipped 0.2%.
What comes next?
Investors will watch whether Nvidia can expand its supply chain to meet demand and whether the 70% growth target holds as the AI chip market matures. Meanwhile, DeepMind's talent decline may prompt a strategic rethink to retain its research edge in Europe.