NVIDIA just posted $81.6 billion in quarterly revenue. That's up 85% from a year ago.
Data Center brought in $75.2 billion of that, a 92% year-over-year increase. It's now 92% of total company revenue. Gaming, automotive, professional visualization, everything else NVIDIA sells, together they barely register on the income statement anymore. Margins held at 75%. The rest of the numbers were roughly in line with expectations.
Guiding $91 billion without China
Q2 guidance came in at $91 billion, plus or minus 2%. NVIDIA explicitly said it's assuming zero Data Center compute revenue from China in that number.
They're telling investors they don't need China to sustain this growth rate. Export controls have made it irrelevant to forward planning. And the demand from everywhere else is apparently more than enough to absorb everything NVIDIA can manufacture.
Hyperscalers in the US, Europe, and parts of Asia are taking every GPU that ships. The constraint isn't finding buyers. It's production capacity.
What this company actually is now
When 92% of your revenue comes from one segment, that segment is your company. NVIDIA is an AI infrastructure business. Gaming is a legacy side project that happens to generate a few billion.
The comparison that makes more sense now is something like the position AWS held in cloud computing around 2018. Everyone building on the same infrastructure layer, with margins reflecting limited alternatives at scale.
What to watch
If that guidance holds, NVIDIA is on pace for something close to $350 billion in annualized revenue by end of fiscal 2027. That comes from selling essentially one product category to maybe a dozen major customers.
The customer concentration is worth watching. But every major cloud provider, every sovereign AI initiative, every serious enterprise AI deployment runs on NVIDIA silicon right now.