US chip giant Nvidia reported yet another record quarter with sales and profits beating expectations, seemingly suggesting there's no slowdown in sight for the artificial intelligence (AI) boom.

Nvidia is a central player in AI infrastructure, providing chips to leading AI model developers including OpenAI and Meta, meaning its results are closely watched.

The company said first-quarter revenue was up 85% on the year to $81.6bn (£60.7bn), while net income more than tripled to $58.3bn.

However, shares in the firm fell 1.6% in after-hours trading with analysts saying investors have got used to Nvidia delivering stellar results and amid some concerns that it will face growing competition.

Nvidia is the world's most valuable company, with a stock market value of around $5.3 trillion.

In its latest results, it said sales were driven by strong growth in its data centre division.

It forecasts spending on AI infrastructure to be between $3tn and $4tn a year by the end of this decade.

"Demand has gone parabolic," chief executive Jensen Huang told analysts on a conference call. "The reason is simple: the era of agentic AI is here."