Jensen Huang, CEO of Nvidia, speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.
Gonzalo Fuentes | Reuters
Nvidia stock fluctuated on Thursday as investors digested the company’s latest earnings report, which signaled robust AI demand but provided little clarity on China.
Sales surged 56% in the quarter to $46.74 billion, which was roughly in line Wall Street’s projected $46.06 billion, according to LSEG. The company reported adjusted earnings per share of $1.05, just topping the $1.01 per share estimated by analysts.
Data center revenue of $41.1 billion came up short of estimates for the second straight period, but still grew 56% over the year prior.
Nvidia said it expects revenue this quarter to be $54 billion, plus or minus 2%, though that number doesn’t include any H20 shipments to China. Analysts were expecting revenue of $53.1 billion, according to LSEG.
On a conference call with investors, Nvidia CEO Jensen Huang said AI has made “tremendous progress” in the last year and that the build-out of AI infrastructure is still in its early stages.
“As the AI revolution went into full steam, as the AI race is now on, the capex spend has doubled to $600 billion per year,” he said. “There’s five years between now and the end of the decade, and $600 billion only represents the top four hyperscalers.”
Huang projected $3 trillion to $4 trillion in AI infrastructure spend by the end of the decade.
“The opportunity ahead is immense,” he added.
Benchmark analysts said in a Thursday note that Nvidia’s guidance was “only modest upside to an elevated Street consensus,” but overall the report showed “solid sequential and annual growth.”
“We believe Nvidia’s results are consistent with its previous objectives and are in no way indicative of a slowdown in industry-wide AI interest or investments,” the analysts, who have a buy rating on Nvidia’s stock, wrote in a note to clients.
The results showed that the “playbook remains the same” for Nvidia, JPMorgan analysts wrote.
“A solid beat and raise with multiple levers at play to drive upside, against the backdrop of a multi-year runway of growth for AI infrastructure spending, with NVDA in our view continuing to capture a significant majority of incremental spend (as it has over the past ~3 years),” the analysts said.
Nvidia 1-day stock chart.
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