Nvidia, the chip giant and the world’s most valuable company, reported record profits for its latest quarter on Wednesday as demand for AI computing continues to soar.
“Global token demand has grown absolutely exponentially,” CEO Jensen Huang said in a post-earnings conference call with analysts. “I think we’re all seeing a situation where even GPUs that have been in the cloud for six years are completely consumed and prices are going up.”
The company reported revenue of $68 billion in its most recent quarter, up 73% from a year ago, with $62 billion of that coming from its data center business.
Notably, Nvidia split its data center revenue into $51 billion in computing revenue (primarily GPUs) and $11 billion in revenue from networking products such as NVLink. The company reported full-year revenue of $215 billion.
As in the previous quarter, the company did not report revenue from chip exports to China, despite the US government’s recent lifting of export restrictions. “A small amount of H200 product for a China-based customer has been approved by the U.S. government, but we have not yet generated revenue. We do not know if it will be allowed to be imported into China,” said Colette Kress, the company’s chief financial officer.
“Chinese competitors, strengthened by recent IPOs, are making progress and have the potential to disrupt the fabric of the global AI industry in the long term,” he continued, apparently referring to Moore Thread’s IPO in December.
During the investor call, Hwang also mentioned the company’s pending investment in OpenAI, which is reportedly worth $30 billion.
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“We continue to work with OpenAI to conclude a partnership agreement, and we believe we are close to an agreement,” Huang said. He also mentioned partnerships with Anthropic, Meta, and Elon Musk’s xAI. However, a statement Nvidia filed with the U.S. Securities and Exchange Commission on Wednesday emphasized that there is “no guarantee” that the investment will be made.
Huang also addressed concerns about the sustainability of tech companies’ capital investment commitments, saying he believes computing investments will soon yield returns.
“In this new AI world, compute is revenue. Without compute, there is no way to generate tokens. Without tokens, there is no way to grow revenue,” Huang said. “We have reached a tipping point and are generating profitable tokens that are productive for customers and beneficial for cloud service providers.”
