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NVIDIA's Q2 2025 Earnings |
NVIDIA Reports Q2 2025 Earnings: Blackwell Drives Massive Growth
On May 28, 2025, NVIDIA (NASDAQ: NVDA) reported its highly anticipated Q2 2025 results and once again, it delivered beyond expectations. EPS came in at $0.96 (vs. est. $0.93), and revenue reached $44.06 billion (vs. est. $43.29 billion), with strength across data center and networking segments.
Data center revenue totaled $39.1 billion, while networking brought in $4.96 billion well above expectations. Adjusted gross margin hit 71.3% (vs. est. 71%), reinforcing NVIDIA’s pricing power in the AI infrastructure space.
For Q3, the company guided revenue of $45 billion ±2% and projected gross margins in the range of 71.5% to 72.5%. This includes up to $8 billion in potential headwinds from China-related H20 export losses.
Blackwell’s Breakout
CEO Jensen Huang confirmed that Blackwell NVL72 supercomputers have officially entered mass production. Notably, Blackwell already accounts for 70% of data center revenue. The next-generation Blackwell Ultra is scheduled to ship starting Q2 2026.
NVIDIA emphasized that global AI infrastructure remains in its early stages, and the company intends to fulfill as much demand as possible. Huang addressed concerns about capacity and said, “We are working to meet nearly all demand.”
Geopolitics and Vision
On the U.S.-China front, NVIDIA criticized ongoing export restrictions, which prevent the company from shipping Hopper-based chips to China. No replacement chips are currently ready, though the company is exploring options in coordination with the U.S. government.
Asked about the future of AI policy, Huang remarked, “President Trump has a plan and a vision. I trust him.” The company clearly aligns itself with a future administration that supports AI industrial growth.
Looking Ahead
NVIDIA will hold a keynote presentation at VivaTech on June 11, where it is expected to unveil its foundational strategy for quantum GPU computing. As the AI race accelerates, NVIDIA’s execution continues to validate its dominant position at the heart of digital transformation.
Terms You Should Know
Blackwell NVL72: NVIDIA's latest AI supercomputing platform, now in mass production.
H20 Restriction: U.S. export control affecting NVIDIA's AI chip shipments to China.
Gross Margin: The percentage of revenue retained after subtracting cost of goods sold—an indicator of profitability.
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