Data Center Business Nears 90% of Revenue; Blckwell Chips Sold Out.As Nvidia’s primary growth driver, the data center segment delivered a record 51.2 billion in revenue, soaring 66% YOY and 25% sequentially to beat the expected 49.34 billion. It now accounts for nearly 90% of total revenue. Within this, computing operations contributed 43 billion (up 56% YOY), fueled by mass production of Blackwell architecture GB300 chips. Networking revenue skyrocketed 162% YOY to 8.2 billion, driven by widespread deployment of NVLink technology and strong demand for Spectrum-X Ethernet products. CFO Colette Kress noted that GB300 shipments have surpassed GB200, representing roughly two-thirds of Blackwell’s total revenue. “Installed bases of all GPU generations are fully utilized, and cloud GPUs are sold out,” she stated in the earnings release.
Jensen Huang Rebukes AI Bubble Talk.Addressing rampant “AI bubble” speculation during the earnings call, CEO Jensen Huang pushed back firmly: “The narrative couldn’t be more different. Blackwell sales have exceeded expectations, cloud GPUs are sold out, and computational demand is accelerating at a compound rate across training and inference – we’ve entered AI’s virtuous cycle.”
Q4 Guidance: $65B in Revenue.The company also issued a bullish outlook for fiscal Q4, projecting revenue of 65 billion (plus or minus 2%), ranging from 63.7 billion to 66.3 billion. Non-GAAP gross margin is expected to reach 75.0% (±50 basis points), both figures topping market forecasts. Huang revealed that the next-generation Rubin architecture platform is on track, with initial wafers received from supply chain partners and mass production slated for H2 2026. Compatible with existing software stacks and offering higher value per unit than Blackwell, the platform supports seamless upgrades without CUDA code restructuring. Nvidia remains on pace to hit its target of 500 billion in cumulative revenue from Blackwell and Rubin platforms between early 2025 and late 2026, having already delivered $50 billion in products. Additionally, the company secured a deal to supply an additional 400,000 to 600,000 processors to Saudi Arabia over the next three years.