After more than doubling revenue to $130.5 billion last year and making $11 billion from early shipments of its Blackwell GPUs in the fourth quarter alone, Nvidia CEO Jensen Huang says the AI computing giant is just getting started in satiating global demand.
Nvidia more than doubled revenue to $130.5 billion last year due to high demand for its AI chips and systems, and the company made $11 billion from early shipments of its next-generation Blackwell GPUs in the last three months alone—its “fastest product ramp” yet.
But despite concerns about whether Nvidia can continue this breakneck momentum well into the future, Nvidia CEO Jensen Huang said the global economy’s appetite for AI and the company’s ability to satiate those cravings are “just in the beginning.”
[Related: Nvidia: ‘We Are Racing To Scale Supply To Meet Incredible’ Blackwell Demand]
“We’re just at the start of the age of AI. Multimodal AI, enterprise AI, sovereign AI and physical AI are right around the corner,” Huang said Wednesday during Nvidia’s fourth-quarter earnings call. “We will grow strongly in 2025. Going forward, data centers will dedicate most of [capital expenditures] to accelerated computing and AI.”
The remarks were made after Nvidia announced that its revenue for the fourth quarter of its 2025 fiscal year, which ended in January, was $39.3 billion, up 12 percent sequentially and 78 percent higher than it was a year ago. Non-GAAP earnings per share were 89 cents, up 10 percent from the previous quarter and 71 percent higher year over year.
These figures beat the average estimates of Wall Street analysts, per Yahoo Finance, for revenue by more than $1.1 billion and for earnings per share by 4 cents.
Nvidia expects revenue in the first quarter of its 2026 fiscal year, which began late last month, to reach $43 billion, plus or minus 2 percent, which would represent a 9.4 percent sequential increase and a 65 percent year-over-year increase. This is nearly $1 billion higher than what Wall Street analysts had expected for Nvidia’s first-quarter revenue forecast.
Out of the company’s $39.3 billion in fourth-quarter revenue, $32.5 billion, or 82.6 percent, came from Nvidia’s data center compute segment, which includes the $11 billion it made from early shipments of its Blackwell GPUs during that period.
“This is the fastest product ramp in our company’s history, unprecedented in its speed and scale,” Nvidia CFO Colette Kress said on the call. “Blackwell production is in full gear across multiple configurations, and we are increasing supply quickly and expanding customer adoption”
For Nvidia’s entire data center segment, which also includes networking products that accounted for $3 billion in sales, large cloud service providers represented about half of total revenue in the fourth quarter, which was two times higher than same period a year ago, according to Kress. Major cloud players such as Amazon Web Services, Microsoft Azure and Google Cloud have all touted new Blackwell-based offerings.
Consumer internet companies, on the other hand, grew their share of Nvidia’s data center revenue by nearly three times year over year, thanks to development of recommender system, vision, language understanding, synthetic data generation, search and agentic AI applications.
As for enterprises, data center revenue grew nearly two times due to model finetuning, retrieval-augmented generation, agentic AI and GPU-accelerated data processing.
Asked about whether Nvidia can continue its momentum and overcome any future hurdles, Huang offered a sense of optimism for the company’s future, saying that most AI adoption has mainly happened on the consumer side so far, with much left to do on the commercial side.
“The next wave is coming. Agentic AI for enterprise. Physical AI for robotics. And sovereign AI as different regions build out their AI for their own ecosystems,” he said. “And so each one of these are barely off the ground, and we can see them. We can see them because obviously we’re in the center of much of this development, and we can see great activity happening in all these different places.”
