Nvidia reports Q2 revenue up 56% YoY to $46.74B, Data Center revenue up 56% to $41.1B, below $41.34B est., and approves an additional $60B in share buybacks

Nvidia reported better-than-expected earnings and revenue on Wednesday, and said sales growth this quarter will remain above 50% …

CNBC 2025-08-28 Kif Leswing

Context & Ripple Effects

Nvidia entered this quarter after Q1 revenue reached $44.06B and Data Center revenue hit $39.1B, following a prior fiscal year in which revenue more than doubled. The comparison makes the current result a test of whether AI infrastructure spending can sustain growth at a much larger revenue base.

A year earlier, Nvidia’s Q2 growth was 122% and it authorized $50B in buybacks in its previous Q2 report. This quarter pairs slower, still-high growth with a larger $60B authorization, keeping both operating demand and capital allocation in focus.

First-order effects

Nvidia’s Data Center business grew to $41.1B but came in slightly below the cited estimate, making that segment’s execution the immediate point of scrutiny despite overall better-than-expected results.
The additional $60B repurchase authorization gives Nvidia more capacity to return capital to shareholders while it continues funding its core business.

Second-order effects

The narrow Data Center shortfall raises the importance of segment-level demand and delivery metrics for investors and for customers planning AI infrastructure purchases, rather than headline revenue alone.
The larger buyback authorization reinforces Nvidia’s financial flexibility, a contrast that can increase pressure on competing chip suppliers to demonstrate both AI revenue traction and credible capital-allocation plans.

Third-order effects

If Data Center remains the dominant driver of Nvidia’s results, the AI hardware cycle will increasingly be judged through the spending cadence of large compute buyers rather than broad semiconductor demand.
The combination of rapid AI-related revenue growth and large repurchases is part of a broader pattern of Nvidia pairing expansion with buybacks; if sustained, it could keep compute leadership and capital returns concentrated among the sector’s largest suppliers.

The trend: This is a data point in AI demand transmission: infrastructure spending is sustaining large chip revenue pools, while investors become more sensitive to whether Data Center growth meets elevated expectations.

Discussion

@buccocapital @buccocapital on x
The fate of the world is in Jensen's hands. Good thing he's a psycho [image]
@economyapp @economyapp on x
$NVDA NVIDIA Data Center growth visualized. [image]
@jonerlichman Jon Erlichman on x
Q2 revenue this year: Nvidia: $46.7 billion Intel: $12.8 billion Q2 revenue 10 years ago: Intel: $13.2 billion Nvidia: $1.2 billion
@sarbjeetjohal Sarbjeet Johal on x
Cloud providers contributed roughly 50% to datacenter revenue in @nvidia Q2 numbers. Make a note that ~40% of Nvidia's datacenter revenue is coming from 4 top clients which may pivot more and more to their own chips in long term, as I said yesterday while talking to @furrier [vid…
@thetranscript_ @thetranscript_ on x
$NVDA: “U.S. Government officials have expressed an expectation that the USG will receive 15% of the revenue generated from licensed H20 sales, but to date, the USG has not published a regulation codifying such requirement” [image]
@kristinaparts Kristina Partsinevelos on x
The concentration creates near-term cash flow risk if a hyperscaler cuts spending. But there's a massive queue waiting - sovereign AI buildouts, smaller cloud providers, enterprises. Demand outstrips supply by orders of magnitude. I'm loving this debate & great answers! $NVDA
@boredelonmusk @boredelonmusk on x
Nvidia: We created time travel. Market: Yeah but the machines make a little bit of noise. [image]
@edzitron Ed Zitron on x
NVIDIA missed on data center revenue estimates for the second quarter running, people ignored it last Q so who knows [image]
@kristinaparts Kristina Partsinevelos on x
Nvidia's customer concentration is getting more intense: Three customers now represent 23%, 19% and 14% of accounts receivable (up from just two customers at 17% and 16% in January). Shows how dependent NVDA is on a handful of mega buyers. $NVDA 10Q: [image]
@stockmktnewz Evan on x
Nvidia $NVDA said sales to just one customer represented 23% of its total $46.7 Billion of revenue from the quarter Someone spent $10.75 Billion with Nvidia during the quarter 🤯 [image]
@kakashiii111 @kakashiii111 on x
Two direct customers of Nvidia were responsible for 44.4% of the total Q2's revenue of the Data Center. Read that again: HALF of Nvidia's Data Center revenue in Q2 comes from just TWO customers. [image]
@edludlow Ed Ludlow on x
Some news from Nvidia call: $2B to $5B of H20 could be shipped to China IF geopolitical and other issues are resolved. $NVDA
@benbajarin Ben Bajarin on x
Really just goes to show you how desperate the market is for $NVDA GPUs. Blackwell is sold out for 12 months, so still selling a lot of Hoppers! “Notably in the quarter was an increase in Hopper 100 and H200shipments”
@levie Aaron Levie on x
NVIDIA is growing 56% a year on $46B quarters. Just in case you were wondering if AI is slowing down. [image]
@teroterotero Tero Kuittinen on x
Kids don't remember, but we did this whole “whisper number” nonsense in that bitter summer of 2000. There was consensus expectation for guidance and then the “whisper” was five bees above. And missing it was dangerous. Because this type of stuff is a sign of the peak.
@theaustinlyons Austin Lyons on x
Networking is now a huge growth engine for $NVDA. ARR ~$29B, up ~50% Q/Q and ~100% Y/Y. Spectrum-X was a brilliant move, and of course NVLink for big scale up for Grace Blackwell. @NVIDIANetworkng CFO commentary: “Networking revenue was $7.3 billion, up 98% from a year ago and [i…
@never_released @never_released on x
NV networking doing extraordinarily well, $7.2b in revenue in this last quarter. Was an exceptional acquisition
@benbajarin Ben Bajarin on x
Not a big enough beat, and not the whisper guide ($55b). Regarldess new baseline Q revenue for NVIDIA $50B + for the foreseeable future.
@carnage4life Dare Obasanjo on bluesky
Nvidia crushed earnings ($46.74B vs $46.08B est), with profit and revenue both up almost 60% YoY. — But shares dipped 3% after hours because data center revenue missed slightly ($41.1B vs $41.34B). Classic Wall Street. Nvidia expects $3-4T in AI infrastructure spend this deca…
r/NVDA_Stock r on reddit
BREAKING: Nvidia beats on top and bottom lines as data center revenue surges 56%
@pstasiatech Paul Triolo on x
An unconventional plan by the Trump administration to charge a 15% commission on Nvidia AI chip sales to China hasn't progressed beyond the early stages and could pose legal risks, according to the company https://www.bloomberg.com/...
@edludlow Ed Ludlow on x
From Nvidia CFO interview last night: “I have been very clear. In order for that money to go out, guess who has to approve that? That's point number 1. Point number 2: When I When I first heard it, I said I am sorry where's the regulation? I said no wired money goes out of this
@morningbrew @morningbrew on x
You're selling? Nvidia's data center still set another revenue record without any H20 sales in China and you're selling? [image]
@dylan522p Dylan Patel on x
Interesting coincidence that Cantor Fitzgerald has first question on Nvidia earnings after the H20 unbanned 🤔 [image]
@marketmatrixs @marketmatrixs on x
Nvidia just reported record quarterly revenue of $46.7 billion without ONE SINGLE H20 chip sale to China. That's absolutely insane 👀🚨 $NVDA [image]
@yahoofinance @yahoofinance on x
“We have not included H20 in our Q3 outlook as we continue to work through geopolitical issues,” Nvidia CFO Colette Kress says. “If geopolitical issues subside, we should ship $2B to 5B in H20 revenue in Q3; and if we had more orders, we can bill more.” [video]
@laurengoode Lauren Goode on x
Nvidia CFO Kress: “While a select number of our China based customers have received licenses over the past few weeks, we have not shipped any H20 based on those licenses. USG will receive 15%, but to date, the USG has not published a regulation codifying this requirement” 👀
@marypcbuk Mary Branscombe on bluesky
I wonder how much of that would go to a certain president for “facilitating trade”? [embedded post]
@peark.es George Pearkes on bluesky
This is about Trump saying back on Aug 11 that Nvidia will pay 15% of H20 sales to the US gov't as a kickback. — *NVIDIA COMMENTS ON US GOVT ‘EXPECTATION’ TO GET 15% OF H20 REV — *NVIDIA: ANY REQUEST FOR % OF REV “MAY SUBJECT US TO LITIGATION” — *NVIDIA: US GOVT HAS NOT PUB…
@fintwitter @fintwitter on bluesky
NVIDIA in Q2 gained $180 million from the release of previously reserved H20 inventory, tied to roughly $650 million in unrestricted H20 sales to customers outside China.
@pistachiosnapper @pistachiosnapper on bluesky
With all the Nvidia hype & Trump wanting 15% of the companies sales to China, there has been zero sales of these H20 chips in the 2nd quarter. Looks like China doesn't want American chips🤔. [image]
@ljkawa Luke Kawa on x
Nvidia's net other income alone (i.e. CoreWeave) would be the 44th most profitable member of the S&P 500, a smidge behind McDonald's. $NVDA $CRWV https://sherwood.news/... [image]
@ljkawa Luke Kawa on x
CoreWeave's killer run played a big role in juicing Nvidia's $2.2 billion “net other income” in Q2 $CRWV $NVDA
@edzitron.com Ed Zitron on bluesky
They are booking it as revenue using mark-to-market accounting, which means if it drops in value it will lose them money next quarter. Yay!!!! YAY!! IT'S ALL SO GOOD! — sherwood.news/markets/nvidia-the- asset-manager-had-a-massive-q2-thanks- to-coreweaves-rally/ [image]
@edzitron.com Ed Zitron on bluesky
Are you FUCKING KIDDING ME? NVIDIA barely beat earnings estimates, and it seems part of the reason they beat them was the value of their god damn CoreWeave shares? [embedded post]
@bendwalsh @bendwalsh on bluesky
Nvidia, the asset manager? sherwood.news/markets/nvid... [image]
@ljkawa Luke Kawa on bluesky
Nvidia's net other income alone (i.e. CoreWeave) would be the 44th most profitable member of the S&P 500, a smidge behind McDonald's. sherwood.news/markets/nvid... [image]

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