Newsletter
Nvidia just served another blowout quarter, the kind that screams “AI boom isn’t done yet.” Sales and profits smashed expectations, and the company says next quarter will grow more than 50%.
By the numbers:
- Revenue at $46.74 billion, topping estimates of $46.06 billion, and marking a 56% jump YoY.
- Net income came in at $26.42 billion, compared with $16.6 billion a year ago, reflecting a 59% increase.
- Earnings per share stood at $1.05 adjusted, slightly ahead of Wall Street’s expectation of $1.01.
- The company’s data center sales hit $41.1 billion, up 56% from the same quarter last year.
- Its gaming division brought in $4.3 billion, representing a 49% year-on-year growth.
- The robotics unit delivered $586 million in sales, up 69% compared to last year, though still a small part of overall revenue.
- Sales of the new Blackwell chips rose 17% quarter-on-quarter, now accounting for about 70% of the data center business.
How the quarter went: the company’s data center business is still the money printer, making up nearly 90% of revenue. The new Blackwell chips are flying off shelves, while gaming had its strongest showing in years.
But the China headache hasn’t gone away as Nvidia sold zero H20 chips to the mainland this quarter thanks to export rules. That cost the company an $8 billion sales opportunity and a $4.5 billion writedown, though it did squeeze $180 million worth of H20 inventory into non-China orders.
Zoom out: this was Nvidia’s ninth straight quarter of 50%+ revenue growth, fueled by hyperscalers like Microsoft, Amazon, Meta, and Alphabet pouring billions into AI infrastructure. Finance chief Colette Kress says global AI spend could hit $3–4 trillion by 2030. That means GPUs aren’t just hot right now—they’re the backbone of the world’s next computing cycle.
Nvidia has missed estimates only once in five years, and even as growth slows slightly, it still feels like no one else can catch up.
