Nvidia just posted another monster quarter. In its Wednesday earnings report, the company said revenue hit $46.7 billion, up 56 percent year over year, as the AI data center boom kept surging. Net income jumped to $26.4 billion. The Blackwell generation did much of the heavy lifting.
KEY POINTS:
- Revenue reached $46.7 billion, up 56 percent year over year, and net income rose to $26.4 billion, a 59 percent increase.
- Data center sales delivered $41.1 billion, with $27 billion from Blackwell chips and a highlight of 1.5 million tokens per second on a single GB200 NVL72 system for OpenAI’s gpt-oss models.
- No H20 shipments went to China amid policy uncertainty, and Q3 guidance is $54 billion excluding any H20 sales to that market.
Record results driven by AI
Nvidia reported $46.7 billion in revenue for the quarter, a 56 percent jump from a year ago. Net income climbed to $26.4 billion, up 59 percent. The engine is clear. AI-heavy data center demand.
The company booked $41.1 billion from data center sales. Its newest chips, Blackwell, accounted for $27 billion of that total. CEO Jensen Huang called Blackwell “the AI platform the world has been waiting for.” His message is simple. The race is on, and Blackwell sits in the middle.
What Blackwell is doing in the wild
Nvidia pointed to OpenAI’s open source gpt-oss models launched earlier this month. The company said a single Blackwell GB200 NVL72 rack-scale system processed 1.5 million tokens per second. It is a flashy figure. It also shows why customers keep ordering top-tier GPUs.
A bold forecast on AI spend
Huang told analysts he expects $3 to 4 trillion in AI infrastructure spending by the end of the decade. He added that “$3 to 4 trillion is fairly sensible for the next five years.” The number is huge. The signal is bigger. Nvidia believes the buildout is still early.
China remains complicated
The quarter offered a stark view of Nvidia’s China challenge. The company reported no sales of its China-focused H20 chip to Chinese customers. It did sell $650 million worth of H20 chips to a customer outside China.
The United States has long restricted advanced GPU sales to Chinese firms. Under President Trump, the situation changed. Nvidia is now permitted to sell chips to China if it pays a 15 percent export tax to the U.S. Treasury. Legal scholars have described the arrangement as an unconstitutional abuse of power.
CFO Colette Kress said the company has not shipped any H20 devices under recently issued licenses because the arrangement is not codified into regulation. “While a select number of our China-based customers have received licenses over the past few weeks,” she said, “we have not shipped any H20 devices based on those licenses.”
Beijing has also discouraged domestic use of Nvidia chips. As a result, Nvidia reportedly halted H20 production earlier this month. It is a tough market to read.
Guidance and what it excludes
Nvidia expects $54 billion in revenue in the third quarter. The outlook could swing by 2 percent. The company said the guide does not include any H20 shipments to China. So the bar is set without that optionality. If policy clarity arrives, the math could change.
The Bottom Line
Nvidia’s data center juggernaut is still accelerating, with Blackwell at the core and real-world throughput to match the hype. China policy is the wild card. If that knot loosens, guidance could rise. If not, Nvidia’s current run suggests it still has ample demand to hit its targets.