NVDANVIDIA Corporation

“Data center revenue of $75 billion was up 92% year over year and 21% sequentially. Driven by sustained strength in our Blackwell architecture. And demand for GB300 and NVL72 was particularly strong with frontier model builders and hyperscalers each having cumulatively deployed hundreds and thousands of Blackwell GPUs.”

“VeraCPU opens a brand new $200 billion TAM for NVIDIA, a market we have never addressed before. And every major hyperscale and system maker is partnering with us to get it deployed. We have visibility to nearly $20 billion in total CPU revenue this year. Setting us up to become the world leading CPU supplier.”

“The number of partner data centers exceeding 10MW has nearly doubled in just 1 year. Now surpassing 80 sites. Sovereign revenue increased more than 80% year over year. NVIDIA AI infrastructure is now deployed across nearly 40 countries representing $50 trillion in GDP.”

“Hyperscale at $38 billion was approximately 50% of data center revenue and increased 12% quarter over quarter. ACIE revenue was $37 billion and grew 31% quarter over quarter including AI cloud revenue that more than tripled year over year.”

“Vera. The world's first CPU purpose built for agentic AI. Vera opens a brand new $200 billion TAM for NVIDIA, a market we have never addressed before. And every major hyperscaler and system maker is partnering with us to deploy it.”

“Total revenue of $82 billion was up 85% year over year and 20% sequentially. This marked our third consecutive quarter of year over year acceleration and the fourteenth straight quarter of sequential growth.”

“data center computing revenue of $60 billion was up 77% year over year, while data center networking revenue of $15 billion nearly tripled year over year.”

“The 20 billion is for standalone CPU. And remember, we have we have Vera is used in 3 ways. As a standalone c 4 ways.”

“Giving us full confidence in $1 trillion in Blackwell and Rubin revenue we foresee from 2025 through calendar 2027.”

“In Q1, we increased total supply inclusive of inventory purchase commitments on prepaids to $145 billion.”

“The price of renting an H100 has risen 20% year to date, while A100 cloud pricing is up nearly 15%.”

“Our physical AI continues to gain momentum exceeding $9 billion in revenue over the last 12 months.”

“Agentic AI and reinforcement learning represents new growth opportunities for CPUs. Building on the success of our Grace CPU, Vera is arriving just in time to meet this inflection. Built on custom arm cores and codesigned end to end with Rubin GPUs and NVLink, Vera will deliver up to 1.5x faster performance per core. 2x performance per watt, and 4x density per rack compared to x 86 based alternatives.”

“MLPerf inference results are in. And once again, we swept every benchmark. As Blackwell Ultra delivered the highest throughput across the broad set of models and deployment scenarios. Full stack innovations drove the 2.7x increase in throughput and a 60% reduction in the cost per token on GV300 compared to just 6 months ago.”

“Last month, we celebrated OpenAI's launch of GPT 5.5 codesigned for trained with, and served on Blackwell. Currently positioned at the top of Artificial Analysis leaderboards, Microsoft's Farweave the world's most powerful AI data center is now live. Ahead of scheduled powered by hundreds of thousands of Blackwell GPUs.”

“We are on track to commence production shipments of VeraRubin in the second half of this year starting in Q3. By integrating 7 purpose built chips across 5 accelerated racks, VeraRubin will deliver up to 35x higher inference throughput and up to 10x greater AI factory revenue compared with Blackwell.”

“Spectrum-X, our end to end Ethernet platform purpose built for AI is now larger than all Ethernet network peers combined. InfiniBand has also had a very strong quarter growing more than 4x year over year driven by deployments of our next generation XDR technology.”

“Number 2, we did not include any Verus CPU, standalone CPU in that in that number And so I expect that to be the second largest The TAM is, of course, quite large, and agent agents agentic systems, and all of our customers are quite excited about Vera.”

“With analysts now forecasting hyperscale CapEx to exceed $1 trillion by 2027 and Agentic AI beginning to proliferate all industries AI infrastructure spending is on track to reach $3 trillion to $4 trillion annually by the end of this decade.”

“Starting this year, AWS will add more than 1 million Blackwell and Rubin GPUs and are collaborating on spectrum networking.”

“As an early adopter, Google's XGS bare metal instances, can support up to 960 thousand Rubin GPUs across multiple sites.”

“Our partnership with Uber will power the robotaxi fleet across nearly 30 cities and 4 continents by 2028.”

“The LPX is designed for low latency and high token rate. Its throughput is low, Size capacity is low. And it is context processing, its ability to absorb a lot of context, for example, for software coding. For agentic workloads, its ability to absorb a great deal of context is lower.”

“Economics of AI of the future is tokens per dollar. Or dollars per token. And so what we need to do in the future is to generate tokens process tokens as fast as possible. And that is what that is what Vera does incredibly well.”

“We have deepened our collaboration with Anthropic and are delighted to be a strategic partner to expand their compute capacity. We will support the company's growth trajectory through AWS, Azure, CoreWeave, StacyX AI, and more.”

“Growth in the model layer particularly at Anthropic and OpenAI, has been incredible with momentum continuing to accelerate. Including breakout growth in OpenAI's codec since the launch of GPT 5.5.”

“For the full year, we now expect OpEx to grow somewhere in the upper forties on a year over year basis. Driven by higher R&D and acceleration in the usage of AI tools to enhance productivity.”

“VeraRubin is going to be even more successful than Grace Blackwell at this point. Every single I cannot think of 1. Every single frontier model company will jump on VeraRubin from the get go.”

“we should be growing faster than hyperscale CapEx. And the reason for that is illustrated by the segmentation that I just described. Our data center business has 2 large parts.”

“we are growing share in inference. And we are growing share in inference very, very quickly. And the reason for that is this year, the number of frontier model companies grew.”

“The world has the world has a billion human users, My sense is that the world is gonna have billions of agents. Not today. I mean, we are gonna grow into it. But we will have billions of agents. And those billions of agents will all use tools, and those tools are gonna be like you know, like PCs, just like us humans using PCs today.”

“AI is very diverse. And computing is diverse. They are diverse in several ways. The first thing, of course, is AI includes languages and depending on the different industries, it could be 3D graphics. For manufacturing and industrial robotics. It could be proteins for life sciences.”

“Since the advent of ChatGPT, we have witnessed mainstream AI transition from 1 shot inference to reasoning and to now agentic. AI is no longer a nice to have. AI is now a necessity for enhancing productivity across all industries and roles.”

“Agentic AI has arrived. AI can now do productive and valuable work. Tokens are now profitable, so model makers are in a race to produce more. In the AI era, compute capacity is revenue, and profits.”

“The fact that they can grow within 1 month what some of those SaaS companies would have taken a decade to grow tells you something.”