August 28, 2025 — Nvidia Corp. delivered another blockbuster performance in the second quarter, with record revenue of US$46.74 billion — a 56% year-on-year surge — and net income rising an impressive 59% quarter-on-quarter, capping yet another period of AI-fuelled growth. Most of those gains came from its AI data center segment, which accounted for US$41.1 billion or 88% of total revenue.
However, investor sentiment soured as Nvidia issued a modest sales forecast: US$54 billion for the fiscal third quarter. While this aligns with Wall Street’s consensus, it falls short of some bullish projections which had expected upwards of US$60 billion — prompting concerns that the explosive pace of AI spending may be losing steam.
Geopolitical uncertainties also cast a shadow over Nvidia’s outlook. The company confirmed no H20 chip sales to Chinese customers in the latest quarter, as political friction and Chinese regulatory pushback continue to hinder its access to one of its largest markets.
Despite these challenges, CEO Jensen Huang struck an optimistic tone by reaffirming his long-term vision for AI growth. Huang projected infrastructure spending on AI could reach US$3–4 trillion by 2030, and stated that Nvidia could capture as much as 70% of that spending. He also highlighted a continuing healthy demand for both the advanced Blackwell chips and earlier-generation Hopper models.
