India, Aug. 27 -- Nvidia is expecting very strong revenue growth next year, with revenue projected to grow by about 70% in its next fiscal year. The forecast pushed Nvidia shares higher in after-hours trading.

Nvidia is seen as an important indicator of the health of the wider AI industry. Its business depends heavily on demand for AI chips and data-center technology. Nvidia's stock has recently underperformed the wider semiconductor sector. The latest forecast could give investors more confidence that demand for AI technology remains strong, according to Axios.

Nvidia beat Wall Street expectations in its latest quarter. The company reported better-than-expected revenue and earnings for the quarter that ended July 26. Nvidia reported $9...