Nvidia reports record $68.1 billion quarterly revenue

Nvidia reported fiscal fourth-quarter revenue of $68.1 billion, up 73% year over year and roughly $3 billion above its own prior guidance, and forecast around $78 billion for the following quarter. Chief executive Jensen Huang used the results to push back on commentary that AI infrastructure spending had become a bubble, telling investors that “in this new world of AI, compute is revenues” and pointing to accelerating enterprise adoption of AI agents as underlying demand. Gross margin rose to 75% and net income was reported around $43 billion, both up sharply on the year.

The results came with an unresolved China question attached. The Trump administration had reversed course in December, allowing Nvidia to resume selling its H200 accelerator to Chinese customers under a licence that included US inspection and a 25% cut of the resulting revenue for the government — a condition without clear precedent in prior export-control arrangements. By the earnings call, Nvidia had received a small number of approved licences for H200 shipments to China but said it had booked no revenue from them, and did not know whether Beijing would allow the chips to be imported at all. The company excluded any China data-centre sales from its forward guidance as a result, leaving one of its largest potential markets outside the numbers Wall Street was reacting to.

The quarter extended Nvidia’s run of results beating its own guidance, coverage treating it as evidence against the argument that AI capital expenditure was running ahead of real demand — while leaving open how much upside a reopened Chinese market could still add once, or if, licensing and Beijing’s own response were resolved.