Nvidia on Tuesday reported that its revenue more than tripled in the recently ended quarter as companies snapped up chips to power artificial intelligence.

The Silicon Valley chip titan said it made a profit of $9.2 billion on revenue that soared to $18.1 billion, compared with $5.9 billion in the same quarter a year earlier.

"Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI," Nvidia chief executive Jensen Huang said in an earnings release.

"Nations and regional (cloud service companies) are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world's largest industries."

Revenue from sales of chips tailored for data centers set a record in the quarter, hitting $14.5 billion, according to Nvidia.

Nvidia continues to ramp up production to meet demand, chief financial officer Colette Kress said on an earnings call.

China curbs

Kress said new United States export control regulations aimed at China and other markets including Vietnam and parts of the Middle East are expected to cause sales of Nvidia data center chips to suffer in those markets.

"We expect that our sales… to these destinations will decline significantly in the fourth quarter," Kress said.

"These regulations require licenses for the export of a number of our products."

Sales of chips now requiring export licenses to China and other affected markets have accounted for a fifth to a quarter of Nvidia's data center unit revenue over the past few quarters, according to the company.

Nvidia is confident strong growth in chip sales in other regions will "more than offset" what is lost in China, Kresse said.