We got to know the latest financial results of NVIDIA. She broke more records, although her actions have fallen! Wall Street is a place where a company can earn more in one quarter than Polish GDP, beat all forecasts by 40%, and investors will complain that it is not enough. Welcome to the Nvidia world, where even miracles have their limits.
Nvidia, i.e. numbers that embarrass whole countries
Nvidia has just published financial results that can only be described as astronomical. Why? Here are some facts – USD 46.7 billion in one quarter is the amount at which the budgets of most European countries look like pocket money for a teenager. But there is … disappointment at Wall Street? The action fell in trade after the session, because apparently investors expected Jensen Huang to convert water into wine and at the same time find a way to travel in time – with the help of Blackwell chips, of course;)
The revenue structure shows how much the world went crazy about artificial intelligence:
- Data Center – USD 41.1 billion – 89% of all company revenues. Virtually all NVIDIA is already one great supplier of computing power for AI.
- Gaming, which was once the heart of the company? Only USD 4.3 billion.
- Other segments? Modest USD 1.3 billion in total.
It is like IKEA known for selling furniture, almost only switched to the sale of iconic Swedish meatballs. Although Gaming about Nvidia does not forget (with reciprocity), it is clearly visible after sales results that the Greens are already looking at artificial intelligence.
Chinese puzzles, or how to lose 5.5 billion and continue to beat records?
Here it gets really interesting, and a bit absurd. In Q1 2025, Nvidia earned $ 5.5 billion on sales to China, despite the ongoing trade war between the USA and the Middle Kingdom. Now? Total zero. No H20 chip hit the Chinese market.
And what happened? Nvidia is still beating records.
This means that the demand for AI chips in the USA, Europe and other regions is so gigantic that it can successfully drive further growth without access to the world’s largest market. It’s a bit like running a restaurant that has queues despite the fact that it does not serve half of the city. The market has practically valued Chinese business at zero, but Nvidia is still close to records. American technology companies have shown phenomenal resistance to trade restrictions – it turns out that when you have a monopoly on the most important decade technology, geographical restrictions are just a small obstacle.
Jensen Huang and the art of negotiations with Trump
Forecast for the next quarter? $ 55 billion – without sales to China! Plus purchase of own shares for $ 60 billion, because apparently Nvidia has so much cash that she doesn’t know what to do with her.
Jensen Huang is probably already up to how to negotiate a deal with the Trump administration regarding re -access to the Chinese market. Imagine these conversations: “Mr. President, we could sell chips to China, and they would buy our products instead of developing our own. It’s Win-Win, right?”
Interestingly, Jensen Huang in Q2 was a visit to China, where he met with representatives of the government and the technology industry in Beijing. During this journey, Huang repeated that Nvidia intends to continue working with China, and conducted talks on the export of H20 chip and new AI solutions.
A few days ago, however, information appeared that the Chinese authorities suggest their AI giants, such as Bytedance (yes, the one from Tiktok) or Alibaba, abstaining with the purchase of H20 chips. The reason for this is, both rumors about H20 produced especially for the Chinese market and the media statement of the Secretary of US trade.
H20 can be deactivated remotely? Information fog of speculation
According to some media, the reason for suspending the purchase of H20 chips (despite the already agreed trade embargo) are security problems. It is an alleged ability to reveal the location of H20 chip, and the alleged ability to deactivate chip chips remotely.
Although the more likely reason for the suggestion that the giants focus on the native AI chips from the Ascend family from Huawei, are the media statements of the Secretary of Trade of the US, who stated that:
The United States would not sell their best or even the third best equipment to China and want Chinese programmers to get addicted to an American stack of technology
Nvidia and Wall Street paradox
Since the company, despite closing the Chinese market, still beats records, where did the declines to Wall Street come from? This whole situation is best summarized by one fact: Nvidia earns more in one quarter than GDP of most European countries, exceeds all forecasts by 40%, has a growth forecast that embarrasses entire industries and investors … complain.
This is Wall Street in a nutshell. A place where “only” USD 46.7 billion is a reason to be disappointed, because maybe there could be USD 50 billion? Nvidia has become a studio accident of what expectations in the AI era look like. Each success is just a trampoline for even more expectations. Each record is a new, already applicable norm. And apparently even transforming the entire world economy into one large AI engine is still not enough for some investors.
Maybe we should start measuring Nvidia’s successes not in dollars, but in the medium -sized GDP parts. It would be more spectacular and maybe Wall Street would finally satisfy. Or maybe not – you can always want more there.
