Nvidia's blockbuster quarter might not have been strong enough to impress investors given the company's already sky-high valuation, but the results did make the case the artificial intelligence (AI)-fueled surge in chip spending is not going to recede any time soon.

That forecast is providing momentum for other chipmakers with rival data center offerings, including sending shares of Advanced Micro Devices (NASDAQ: AMD) up 3.6% as of 2 p.m. ET Wednesday.

Nvidia shares are up more than 230% year to date on the strength of its artificial intelligence offering, and the company's quarterly results, announced Monday night, showed no indication of fading momentum. Revenue surged 206% year over year and earnings per share was up 593%, and Nvidia said it expects to generate $2 billion more in revenue in the current quarter than it did in the just-completed three months.

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Source Fool.com