Nvidia posts another record quarter, unveils $43 billion of holdings in startups

Nvidia reported another revenue record after the market closed on Wednesday, as it reported financial results for the quarter ending April 26. During those three months, the company generated $81.6 billion in revenue (up 20% from the previous quarter) and a record $75.2 billion in data center revenue. Based on the strength of those revenues, the company authorized $80 billion worth of stock buybacks.

“Our Blackwell architecture is ubiquitous, adopted and deployed by every hyper-developer, every cloud provider, and every major modeler,” said Nvidia CFO Colette Kress.

Notably, Nvidia expected a slowdown in revenue growth, forecasting revenue of $91 billion for the upcoming quarter, representing 12% growth.

Chinese exports did not have any significant impact on the company’s profits. While the H200s have been approved for export to the United States, “we have not generated any revenue yet, and we are unsure if any imports will be allowed into (China),” Chris said.

One surprise was the sheer size of Nvidia’s stakes in private companies (listed in the filing as “nonmarketable securities”), which nearly doubled between January and April. The company started the quarter with $22 billion in privately held equity, but ended it with $43 billion, driven primarily by $18.5 billion in purchases over the course of the quarter. The previous quarter alone saw $649 million in equivalent purchases.

Notably, this number does not include Nvidia’s recent investments in publicly traded companies like Corning and IREN, nor does it reflect future commitments that have not yet closed. Notably, Nvidia committed to investing $30 billion in OpenAI in February, although the exact structure of the deal was not revealed.

In a phone call to discuss the results, Jensen Huang emphasized the broad scope of Nvidia’s influence, including an upcoming set-up with Anthropic. “The amount of capacity we will bring online to Anthropic this year and next year will be very large,” Huang told investors on the phone. “Our coverage of Anthropics had been pretty much zero up to that point.”