Nvidia Surpasses Expectations with Record AI Chip Demand
Nvidia reported fourth-quarter earnings that surpassed Wall Street expectations, driven by robust demand for its AI chips. The company posted revenue of $39.33 billion, a 78% increase year-over-year, beating estimates of $38.25 billion. Adjusted earnings per share came in at $0.89, compared to the expected $0.84. Nvidia’s data center revenue, a key growth driver, surged 93% to $35.6 billion, exceeding forecasts of $34.06 billion.
The chipmaker also provided strong guidance for the first quarter of 2025, projecting revenue of approximately $43 billion, above the $41.78 billion consensus estimate. This forecast reflects a 65% year-over-year growth, though it marks a slowdown from the 262% growth seen in the same period last year. Nvidia’s CEO, Jensen Huang, highlighted the “extraordinary” demand for its next-generation Blackwell AI chips, which contributed $11 billion in revenue during the quarter. CFO Colette Kress noted that Blackwell’s production ramp is the fastest in the company’s history, with large cloud service providers accounting for about 50% of data center revenue.
Despite the strong performance, Nvidia’s gross margin declined to 73%, down three percentage points from the previous year, due to higher costs associated with new data center products. The company expects margins to rebound to the mid-70s range later in the year as Blackwell production stabilizes. Meanwhile, gaming revenue fell 14% to $2.5 billion, missing estimates, while automotive revenue more than doubled to $570 million.
Huang addressed concerns about competition from custom AI chips developed by tech giants like Amazon, Microsoft, and Google, stating that design alone does not guarantee deployment. He also emphasized the growing importance of AI inference, where Nvidia’s chips are increasingly used to deliver AI software rather than just training models. The company’s stock remained flat in after-hours trading, reflecting mixed investor sentiment amid slowing growth and margin pressures. Nvidia’s next major catalyst is its GTC AI developer conference in March, where it plans to showcase advancements in Blackwell Ultra and other next-gen technologies.
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