Ark Invest has previously been one of the biggest boosters of this stock, which just reported yet another stellar quarter earnings. Yesterday, Ark's Next Generation Internet (ARKW) fund reportedly dumped 2,230 shares of NVidia (NVDA), making a sell-off worth slightly more than $1 million. The fund's remaining holding in the microchip maker now stands at 33,152 shares, worth around $15.1 million and weighted at 1.16% of the ETF.

Meanwhile, the company's adjusted earnings per share were reported at $2.70 on sales of $13.51 billion for the quarter ended July 30. The Wall Street consensus is for Nvidia was to report earnings of $2.08 per share on sales of $11.19 billion meaning NVidia managed to beat both key metrics. Compared with the same period last year, NVidia's earnings increased by a whopping 429%, and sales increased by 101%.

Record data center sales boosted Nvidia's quarterly lead. The company's Q2 data center revenue rose 171% YoY to $10.32 billion. Thanks to a steady stream of AI news, NVDA stock was up 222% YTD as of Wednesday's close. Apparently, Nvidia has grown to become a leading supplier of semiconductors, software and services for artificial intelligence applications, including generative AI.

NVidia expects revenue of $16 billion for the quarter, up 170% from a year earlier. Wall Street was expecting Q3 revenue of $12.59 billion. NVidia's dominance in the generative AI industry, virtual lack of competition, and high demand for its GPUs position the company for continued strong returns if it meets guidance. Considering that demand for NVidia GPUs has skyrocketed in recent months due to the generative artificial intelligence revolution, there's reason to believe the company is well positioned to continue growing.

The recent rally that helped NVidia reach a $1 trillion market cap was possible thanks to an improvement in the company's Q2 guidance that management issued immediately after its Q1 earnings results a few months ago.