CoinDesk
Nvidia delivered another blockbuster quarter on Wednesday, posting $81.62 billion in first-quarter revenue — up 85% year-on-year and ahead of the $78.9 billion Wall Street consensus — alongside adjusted earnings of $1.87 per share that beat the $1.76 estimate. The chipmaker guided to roughly $91 billion for the current quarter, authorized an additional $80 billion in buybacks, and lifted its quarterly dividend to 25 cents from 1 cent. Despite the beat, NVDA traded down about 1.5% as investors weighed signs of tougher competition ahead. CEO Jensen Huang framed the moment as the start of a new cycle: "The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed."
Why it matters
Data Center revenue now makes up more than 90% of Nvidia's top line, and the segment pulled in roughly $75 billion for the quarter — up 12% sequentially. CFO Colette Kress split that figure into two pieces: hyperscalers generated about $38 billion, while the new ACIE bucket (AI cloud, industrial, enterprise) contributed the remaining $37 billion, with AI cloud revenue more than tripling year-on-year. Nvidia also disclosed it helped expand AI compute across more than 80 data centers with capacities above 10 megawatts, and expects $20 billion in CPU revenue this fiscal year. Critically, the $91 billion guidance excludes any Data Center compute revenue from China — meaning the company is underwriting a growth path around constrained geopolitics, not hoping they ease.
Market impact
Bitcoin miners with AI and high-performance-computing exposure traded modestly higher after the print. Core Scientific (CORZ) and Cipher Mining (CIFR) ticked up in after-hours action as investors continued to frame the miners as potential beneficiaries of accelerating data-center, power-capacity, and AI-compute demand. IREN, which had initially popped, was last down roughly 1%. The read for the sector: with hyperscaler capex still expanding, every gigawatt of new build-out is incremental demand for the power, land, and rack space that converted BTC miners are now competing to supply.
Frequently asked questions
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What were Nvidia's headline Q1 numbers vs. expectations?
Revenue of $81.62 billion beat the $78.9 billion Wall Street consensus, up 85% year-on-year from $44.06 billion. Adjusted EPS of $1.87 beat the $1.76 estimate. Current-quarter guidance came in at roughly $91 billion.
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How important is Data Center to Nvidia's business now?
Data Center now accounts for more than 90% of total revenue, pulling in about $75 billion for the quarter — up 12% sequentially. Nvidia also reorganized reporting into two segments: Data Center and Edge Computing.
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Why did NVDA stock fall despite the earnings beat?
Shares traded down about 1.5% after the report as investors looked past the quarter toward growing competition in AI chips and questions about how quickly customers will convert AI infrastructure spend into profits.
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How did Bitcoin miners exposed to AI and HPC react?
Core Scientific (CORZ) and Cipher Mining (CIFR) rose modestly in after-hours trading on the thesis that converted miners can supply data-center power and rack capacity. IREN, which initially popped, was last down roughly 1%.
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Does the $91B guidance include any China Data Center revenue?
No. Nvidia's outlook explicitly excludes any Data Center compute revenue from China, where U.S. export restrictions limit sales of advanced AI chips. The guidance is therefore set around the constraint rather than assuming it eases.
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