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The tech giant’s quarterly results included strong growth in cloud computing, fueled by its services in generative artificial intelligence.

The company raised $7.3 billion over the last year, as the lure of artificial intelligence changes Silicon Valley deal-making.

The iPhone maker’s share price dropped in after-hour trading even though sales and profit topped Wall Street expectations.

The tech giant introduced the Rufus chatbot. It has lagged behind others on introducing consumer-facing generative artificial intelligence.

Revenue was up 18% in the latest quarter, the tech giant said, as investors look for signs that it’s beginning to profit from artificial intelligence.

Chafing at their dependence, Amazon, Google, Meta and Microsoft are racing to cut into Nvidia’s dominant share of the market.