Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Nvidia reported more eye-catching numbers for its fiscal third quarter Wednesday, with net income jumping 65% and revenue increasing 62% from a year earlier.

All eyes are on Nvidia stock as the AI chipmaker prepares to release its fiscal third-quarter results and guidance after the market close.

Nvidia's earnings report after the bell on Nov. 19 showed record revenue of $57 billion, which is up 62% from last year and 22% on a sequential basis. Most of that revenue comes from Nvidia's data center sales, which recorded $51.2 billion in revenue – up 66% from last year.

The U.S. stock market is swinging through another jarring day on Tuesday, following a sell-off that swept Asia and Europe, as worries about too-high prices keep dogging Nvidia, bitcoin and other Wall Street stars.

Nvidia spent $12.46 billion to buy back its stock during the three months to Oct. 26. That's up from $9.72 billion in the previous quarter, and more than the $11 billion spent in the same quarter a year ago.

Over the last 12 months, Nvidia generated $72 billion in free cash flow. As the trends below illustrate, Nvidia's cash flow his been accelerating at an impressive rate throughout the AI revolution. The main catalyst behind this is the immense pricing power Nvidia is able to command for its GPUs.