Nvidia founder and CEO Jensen Huang set a bullish tone on the company’s third-quarter earnings. And based on the company’s results, there may be reason.
Nvidia was mentioned revenue of $57 billion in the third quarter, up 62% compared to the same quarter last year. The company’s GAAP net income was $32 billion, up 65% year over year. Both revenue and earnings results beat Wall Street expectations.
The revenue picture shows a company booming thanks in large part to its data center business. Revenue generated by Nvidia’s data center operations was a record $51.2 billion, up 25% from the previous quarter and up 66% from a year ago. The remaining $5.8 billion in revenue came from Nvidia’s gaming business at $4.2 billion, followed by sales in professional visualization and automotive.
Nvidia CFO Colette Kress noted in an announcement to shareholders, its data center business has been fueled by computer acceleration, powerful artificial intelligence models and application agents. During the company’s third-quarter earnings call, Kress said last quarter, the company announced AI projects in factories and infrastructure totaling 5 million GPUs.
“This demand spans every market, CSPs, government agencies, modern manufacturer businesses and supercomputing centers and includes multiple milestone builds,” Kress said.
The Blackwell Ultra, a GPU unveiled in March that comes in several configurations, has been particularly strong and is now the leader in the company. According to the company, previous versions of the Blackwell architecture have also seen strong demand.
Huang said sales of its Blackwell GPU chips are “off the charts.”
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“Blackwell sales are off the charts and cloud GPUs are sold out,” Huang said in the company’s third-quarter earnings call. “Computing demand continues to accelerate and is coupled with training and inference — each growing exponentially. We’ve entered the AI virtuous cycle. The AI ecosystem is scaling rapidly — with more builders of new fundamental models, more AI startups, in more industries and more countries. AI is going everywhere, doing everything, at once.”
Kress noted that shipments of the company’s H20, a data center GPU designed for genetic artificial intelligence and high-performance computing, were 50 million, a disappointing result due to its inability to sell in China.
“Large buy orders never materialized in the quarter due to geopolitical issues and the increasingly competitive market in China,” Kress noted on the earnings call. “While we were disappointed by the current situation that prevents us from shipping more competitive data center computing products to China, we are committed to continued engagement with the US and Chinese governments and will continue to support America’s ability to compete around the world.”
Importantly, Nvidia is forecasting more growth with projected revenue of $65 billion in the fourth quarter, helping to boost its share price by more than 4% in after-hours trading.
The result, at least in Huang’s view: forget the bubble, there is only growth.
“There’s been a lot of talk about an AI bubble,” Jensen said during the company’s earnings call. “From our perspective, we’re seeing something very different.”
