For the three months ended July 26, Nvidia’s revenue rose 106% year over year to $96.2 billion, exceeding both its own forecast of $91 billion and analysts’ expectations.
Net income more than doubled to $59.7 billion, putting Nvidia firmly on track to become the world’s first company with annual net profit exceeding $200 billion.
The most remarkable feature is not simply 106% revenue growth, but the economics behind it: Nvidia maintained a 75% gross margin while generating $59.7 billion of quarterly net income. Data Center revenue reached $89.0 billion, up 117% YoY. This combination of hyper-growth, exceptional margins and relatively low capital intensity makes Nvidia increasingly resemble a highly scalable AI infrastructure platform rather than a conventional semiconductor manufacturer.
Nvidia remains one of the highest-quality structural exposures to global AI infrastructure spending.
Nvidia is no longer merely selling the chips behind the AI revolution—it is capturing an extraordinary share of the economic value being created by it.
