The world’s most valuable company, and first to be valued at $4trn (£2.9trn), beat market expectations in keenly anticipated financial results.

Microchip maker Nvidia recorded revenues of $46.7bn (£34.6bn) in just three months up to July, latest financial data from the company showed, slightly better than Wall Street observers had expected.

The company’s performance is seen as a bellwether for artificial intelligence (AI) demand, with investors paying close attention to see whether the hype is overblown or if significant investment will pay off.

Originally a creator of gaming graphics hardware, Nvidia’s chips help power AI capability – and the UK’s most powerful supercomputer.

Nvidia’s graphics processors underpin products such as ChatGPT from OpenAI and Gemini from Google.

Other tech giants – Microsoft, Meta and Amazon – make up Nvidia’s biggest customers and are paying large sums to embed AI into their products.

Why does it matter?

Nvidia has been central to the boom in AI development and the surge in tech stock valuations, which has seen stock markets reach record highs.

It represents about 8% of the value of the US S&P 500 stock market index of companies relied on to be stable and profitable.

Strong results will continue to fuel record highs in the market. Conversely, results that fail to live up to the hype could trigger a market tumble.

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Nvidia itself saw its share price rise more than 40% over the past year. Its value impacts anyone with cash in the US stock market, such as pension funds.

The S&P 500 rose 14% over the past year, and the tech-company-heavy NASDAQ gained 21%, largely thanks to Nvidia.

As such, its earnings can move markets as much as major economic or monetary policy announcements, like an interest rate decision.

What next?

Revenue rises are forecast to continue to rise as Nvidia said it expected a rise to roughly $54bn (£40bn) in the next three months, more than the $53.14bn (£39.3bn) anticipated by analysts.

This excludes any potential shipments to China as export of Nvidia’s H20 chip, designed with the Biden administration’s export crackdown on advanced AI powering chips in mind, had been banned under US national security grounds.

But in recent weeks, Nvidia and another chipmaker, AMD, reached an unprecedented agreement to pay the Trump administration a 15% portion of China sales in return for export licences to send chips to China.

There were no H20 sales at all to China in the second quarter of the year, the period for which results were released on Wednesday evening.

Previously, 13% of Nvidia’s revenue came from China, with nearly 50% coming from the US.

Market reaction

Despite the expectation-beating results, Nvidia shares were down in after-hours trading, as the massive revenue rises previously booked by the company were not repeated in the latest quarter.

Compared to a year ago, revenues rose 56% and 6% compared to the three months up to April.

The absence of Chinese sales in forecasts appeared to disappoint.

Two children, aged eight and 10, have been killed in a shooting during mass at a school in Minneapolis.

An attacker opened fire with a rifle through the windows of a church at Annunciation Catholic School and struck a group of children as they sat in pews on Wednesday morning.

The FBI has confirmed the killer has been identified as Robin Westman, a male born as Robert Westman, and is investigating the shooting as an “act of domestic terrorism” and a “hate crime targeting Catholics”.

As it happened: FBI says attack investigated as ‘terrorism’

The city’s police chief Brian O’Hara said the attacker – armed with a rifle, shotgun, and pistol – approached the side of the church and fired dozens of rounds as mass was celebrated during the first week of term.

He added that 17 other people were injured, including 14 children, two of whom were in a critical condition.

Police believe the suspect, thought to be in his early 20s and acting alone, died from a self-inflicted gunshot wound.

Mr O’Hara called the attack in Minnesota a “deliberate act of violence against innocent children and other people worshipping”.

“The sheer cruelty and cowardice of firing into a church full of children is absolutely incomprehensible.”

He also said a wooden plank had been used to barricade some side doors.

Authorities found a smoke bomb but no explosives at the scene, Mr O’Hara said.

Three adults in 80s among those injured

Hennepin Healthcare, the main trauma hospital in Minneapolis, received 11 patients, including nine children – aged six to 14 – and two adults, emergency medicine chair Dr Thomas Wyatt said.

He said four of the patients were taken to operating rooms.

Children’s Minnesota, a paediatric trauma hospital, said in a statement that five children were admitted.

At a later news conference, Mr O’Hara said three adults in their 80s are among those injured in the attack.

He added that Westman had scheduled a manifesto to be released on YouTube, which “appeared to show him at the scene and included some disturbing writings”.

The video has since been taken down with the assistance of the FBI.

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Listen to The World with Richard Engel and Yalda Hakim every Wednesday

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‘So much’ gunfire, witness says

Bill Bienemann, a witness to the shooting, told Sky News it went on “for several minutes – a long time for live gunfire”.

“I know what gunfire sounds like, and I was shocked,” he added. “I said there’s no way that could be gunfire, there was so much of it.

“It seemed like a rifle, it certainly didn’t sound like a handgun, so he must have reloaded several times.”

The pre-kindergarten through eighth-grade school had an all-school mass scheduled at 8.15am local time on Wednesday morning (2.15pm UK time), according to its website.

Monday was the first day of the school semester.

Mayor calls shooting ‘unspeakable act’

At the first news conference, Minneapolis mayor Jacob Frey said the shooting was an “unspeakable act”.

“Children are dead,” he said. “There are families that have a deceased child. You cannot put into words the gravity, the tragedy, or the absolute pain of this situation.”

Speaking later, and joined by Governor Tim Walz, Mr Frey said that the “Minneapolis family” has stepped up in “thousands of different ways” after the shooting.

“The way that they acted during the severe threat and danger was nothing short of heroic,” he says.

“This is a tragic and horrible event that should never occur.”

He added: “Anybody who is using this as an opportunity to villainise our trans community or any other community out there has lost their sense of common humanity.”

Mr Walz said: “We often come to these and say these are unspeakable tragedies or there are no words for this, there shouldn’t be words for these types of incidents because they shouldn’t happen.”

The school’s headteacher Matt DeBoer added: “To any of our students and families and staff watching right now, I love you. You’re so brave, and I’m so sorry this happened.”

Senator: Girl ‘had to watch several of her friends get shot’

Speaking to MSNBC, Democratic senator Amy Klobuchar said she had called one of her longtime employees who had three children in the school during the shooting.

The senator described the call with the mother as “one of the most upsetting things I’ve ever heard”.

“These kids are doing an all-school mass and had to watch several of her friends get shot – one in the back, one in the neck,” Ms Klobuchar added.

“And they all got down under the pews and she – her daughter, of course, was not shot – but her daughter ended up being the one to tell one of the dads of one of the other kids that his daughter had been shot.”

Responding to the reports, US President Donald Trump said on Truth Social: “I have been fully briefed on the tragic shooting in Minneapolis, Minnesota.

“The FBI quickly responded and they are on the scene. The White House will continue to monitor this terrible situation.”

Two children, aged eight and 10, have been killed in a shooting during mass at a school in Minneapolis.

An attacker opened fire with a rifle through the windows of a church at Annunciation Catholic School and struck a group of children as they sat in pews on Wednesday morning.

The FBI has confirmed the killer has been identified as Robin Westman, a male born as Robert Westman, and is investigating the shooting as an “act of domestic terrorism” and a “hate crime targeting Catholics”.

As it happened: FBI says attack investigated as ‘terrorism’

The city’s police chief Brian O’Hara said the attacker – armed with a rifle, shotgun, and pistol – approached the side of the church and fired dozens of rounds as mass was celebrated during the first week of term.

He added that 17 other people were injured, including 14 children, two of whom were in a critical condition.

Police believe the suspect, thought to be in his early 20s and acting alone, died from a self-inflicted gunshot wound.

Mr O’Hara called the attack in Minnesota a “deliberate act of violence against innocent children and other people worshipping”.

“The sheer cruelty and cowardice of firing into a church full of children is absolutely incomprehensible.”

He also said a wooden plank had been used to barricade some side doors.

Authorities found a smoke bomb but no explosives at the scene, Mr O’Hara said.

Three adults in 80s among those injured

Hennepin Healthcare, the main trauma hospital in Minneapolis, received 11 patients, including nine children – aged six to 14 – and two adults, emergency medicine chair Dr Thomas Wyatt said.

He said four of the patients were taken to operating rooms.

Children’s Minnesota, a paediatric trauma hospital, said in a statement that five children were admitted.

At a later news conference, Mr O’Hara said three adults in their 80s are among those injured in the attack.

He added that Westman had scheduled a manifesto to be released on YouTube, which “appeared to show him at the scene and included some disturbing writings”.

The video has since been taken down with the assistance of the FBI.

Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

‘So much’ gunfire, witness says

Bill Bienemann, a witness to the shooting, told Sky News it went on “for several minutes – a long time for live gunfire”.

“I know what gunfire sounds like, and I was shocked,” he added. “I said there’s no way that could be gunfire, there was so much of it.

“It seemed like a rifle, it certainly didn’t sound like a handgun, so he must have reloaded several times.”

The pre-kindergarten through eighth-grade school had an all-school mass scheduled at 8.15am local time on Wednesday morning (2.15pm UK time), according to its website.

Monday was the first day of the school semester.

Mayor calls shooting ‘unspeakable act’

At the first news conference, Minneapolis mayor Jacob Frey said the shooting was an “unspeakable act”.

“Children are dead,” he said. “There are families that have a deceased child. You cannot put into words the gravity, the tragedy, or the absolute pain of this situation.”

Speaking later, and joined by Governor Tim Walz, Mr Frey said that the “Minneapolis family” has stepped up in “thousands of different ways” after the shooting.

“The way that they acted during the severe threat and danger was nothing short of heroic,” he says.

“This is a tragic and horrible event that should never occur.”

He added: “Anybody who is using this as an opportunity to villainise our trans community or any other community out there has lost their sense of common humanity.”

Mr Walz said: “We often come to these and say these are unspeakable tragedies or there are no words for this, there shouldn’t be words for these types of incidents because they shouldn’t happen.”

The school’s headteacher Matt DeBoer added: “To any of our students and families and staff watching right now, I love you. You’re so brave, and I’m so sorry this happened.”

Senator: Girl ‘had to watch several of her friends get shot’

Speaking to MSNBC, Democratic senator Amy Klobuchar said she had called one of her longtime employees who had three children in the school during the shooting.

The senator described the call with the mother as “one of the most upsetting things I’ve ever heard”.

“These kids are doing an all-school mass and had to watch several of her friends get shot – one in the back, one in the neck,” Ms Klobuchar added.

“And they all got down under the pews and she – her daughter, of course, was not shot – but her daughter ended up being the one to tell one of the dads of one of the other kids that his daughter had been shot.”

Responding to the reports, US President Donald Trump said on Truth Social: “I have been fully briefed on the tragic shooting in Minneapolis, Minnesota.

“The FBI quickly responded and they are on the scene. The White House will continue to monitor this terrible situation.”