NVIDIA is a leader in accelerated computing, initially focusing on PC graphics and expanding into various fields such as scientific computing, AI, data science, autonomous vehicles, robotics, and 3D internet applications . The company operates through two main segments: "Compute & Networking" and "Graphics" . NVIDIA's platforms address four major markets: Data Center, Gaming, Professional Visualization, and Automotive, with significant growth driven by the adoption of generative AI and accelerated computing .
- Compute & Networking - Develops and provides data center platforms and AI software, focusing on accelerated computing and generative AI applications.
- Graphics - Produces GPUs for gaming and professional visualization, enhancing visual experiences and computational capabilities.
- Data Center - Offers solutions for data-intensive applications, supporting AI, data science, and scientific computing needs.
- Gaming - Designs and manufactures GPUs and related technologies to enhance gaming experiences.
- Professional Visualization - Provides advanced graphics solutions for professionals in fields such as design, animation, and simulation.
- Automotive - Develops automotive solutions, including technologies for autonomous vehicles and advanced driver-assistance systems.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jen-Hsun Huang ExecutiveBoard | President and CEO | None | Co-founder of NVIDIA in 1993, led the invention of the GPU, and has driven NVIDIA's leadership in AI and accelerated computing. | View Report → |
Ajay K. Puri Executive | EVP, Worldwide Field Operations | None | Joined NVIDIA in 2005, oversees global sales and field operations, with prior experience at Sun Microsystems and Hewlett-Packard. | View Report → |
Colette M. Kress Executive | EVP and CFO | None | Joined NVIDIA in 2013, previously held senior finance roles at Cisco and Microsoft, and oversees NVIDIA's financial strategy and operations. | View Report → |
Debora Shoquist Executive | EVP, Operations | None | Joined NVIDIA in 2007, oversees global operations, including manufacturing and supply chain, with prior leadership roles at JDS Uniphase and Coherent. | View Report → |
Timothy S. Teter Executive | EVP, General Counsel and Secretary | None | Joined NVIDIA in 2017, oversees legal matters and corporate governance, with prior experience as a partner at Cooley LLP. | View Report → |
A. Brooke Seawell Board | Director | Director at Tenable Holdings, Venture Partner at New Enterprise Associates | Joined NVIDIA's board in 1997, brings financial and operational expertise, with a background in venture capital and executive leadership. | |
Aarti Shah Board | Director | Director at Sandoz, Trustee at Northwestern Mutual, Trustee at SRLC USA | Joined NVIDIA's board in 2020, brings expertise in IT, cybersecurity, and digital health, with a background in data sciences and drug development. | |
Dawn Hudson Board | Director | Director at Interpublic Group and a private skincare company | Former CMO of the NFL and CEO of Pepsi-Cola North America, brings marketing and brand expertise to NVIDIA's board. | |
Ellen Ochoa Board | Director | None | Joined NVIDIA's board in 2024, brings expertise in science and technology, with a distinguished career as an astronaut and leader in aerospace. | |
Harvey C. Jones Board | Director | Managing Partner at Square Wave Ventures | Joined NVIDIA's board in 1993, brings expertise in semiconductor technologies and complex system design, with a background in private investments. | |
John O. Dabiri Board | Director | Centennial Professor at Caltech, Member of PCAST and SEAB, Trustee at Moore Foundation | Joined NVIDIA's board in 2020, brings expertise in engineering, energy, and advisory roles in science and technology. | |
Mark L. Perry Board | Director | Director at Global Blood Therapeutics | Joined NVIDIA's board in 2005, brings financial and legal expertise, with prior executive roles at Gilead Sciences and Aerovance. | |
Mark Stevens Board | Director | Managing Partner at S-Cubed Capital, Trustee at USC | Joined NVIDIA's board in 2008 (previously served 1993-2006), brings expertise in corporate strategy and financial analysis, with a background in venture capital. | |
Melissa B. Lora Board | Director | Director at Conagra Brands, Trustee at Northwestern Mutual | Joined NVIDIA's board in 2023, brings financial and governance expertise, with a background in senior leadership at Taco Bell Corp.. | |
Michael McCaffery Board | Director | Chairman at Makena Capital Management, Director at C3.ai | Joined NVIDIA's board in 2015, brings financial and investment expertise, with leadership roles in investment management and AI software. | |
Robert Burgess Board | Director | None | Joined NVIDIA's board in 2011, brings senior management and financial expertise, with decades of experience in the computer graphics industry. | |
Stephen C. Neal Board | Director | Chairman Emeritus and Senior Counsel at Cooley LLP | Joined NVIDIA's board in 2019, brings expertise in corporate governance and legal matters, with a background in law and board leadership. | |
Tench Coxe Board | Director | Director at Artisan Partners Asset Management Inc. | Joined NVIDIA's board in 1993, brings extensive experience in venture capital and IT investments, with a long tenure in the technology industry. |
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Given the 15% sequential decline in the networking business despite stating strong demand and multiple cloud design wins, can you unpack the underlying issues in the Networking segment, including any constraints or challenges with Spectrum-X's growth to multiple billions?
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With the debate around scaling large language models potentially stalling, how is NVIDIA assisting customers to overcome these scaling challenges, and is this situation driving even greater demand for Blackwell?
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Can you provide a detailed breakdown of the compute resources allocated to pretraining, reinforcement learning, and inference in AI workloads, and where do you see the most significant growth occurring among these segments?
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Historically, hardware deployment cycles have included periods of digestion; when do you anticipate this phase occurring for NVIDIA, and how many quarters of shipments are required to satisfy the initial demand for Blackwell, considering plans to grow into calendar '26?
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In light of reports about heating issues following the mass change earlier this year, can you address concerns regarding NVIDIA's ability to execute the roadmap as presented, including the upcoming releases of Ultra and the transition to Ruben in 2026?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Supplies and licenses hardware and software for discrete and integrated GPUs, custom chips, and other accelerated computing solutions, including solutions offered for AI. | |
Huawei Technologies Co. Ltd. | Provides hardware and software for GPUs and CPUs, and incorporates accelerated or AI computing functionality as part of its internal solutions or platforms. |
Supplies hardware and software for GPUs, CPUs, and other accelerated computing solutions, and competes in the AI and high-performance computing markets. | |
Designs hardware and software incorporating accelerated or AI computing functionality as part of its internal solutions or platforms. | |
Develops internal hardware and software solutions with accelerated or AI computing functionality for its platforms. | |
Designs hardware and software incorporating accelerated or AI computing functionality as part of its internal solutions or platforms, and also supplies Arm-based CPUs. | |
Develops internal hardware and software solutions with accelerated or AI computing functionality for its platforms. | |
Designs hardware and software incorporating accelerated or AI computing functionality as part of its internal solutions or platforms, and also supplies Arm-based CPUs. | |
Supplies hardware and software for SoC products used in servers, automobiles, autonomous machines, and gaming devices. | |
Provides hardware and software for SoC products and networking products, including switches, network adapters, and cable solutions. | |
Supplies hardware and software for SoC products used in various applications, including servers and embedded systems. | |
Renesas Electronics Corporation | Provides hardware and software for SoC products used in servers, automobiles, and other applications. |
Samsung Electronics Co., Ltd. | Supplies hardware and software for SoC products and is involved in semiconductor manufacturing. |
Designs SoC products internally for its own products and services, such as autonomous vehicles. | |
Provides networking products, including switches, network adapters, and cable solutions. | |
Supplies networking products, including switches, network adapters, and cable solutions. | |
Provides networking products, including switches, network adapters, and cable solutions. | |
Supplies networking products, including optical modules and cable solutions. | |
Provides networking products, including switches, network adapters, and cable solutions. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Direct Customer A | Direct customer that integrates or uses NVIDIA's products | Compute & Networking | Represents 12% of total revenue for Fiscal 2025 ($15.66B) |
Direct Customer B | Direct customer that integrates or uses NVIDIA's products | Compute & Networking | Represents 11% of total revenue for Fiscal 2025 ($14.35B) and 13% for 2024 |
Direct Customer C | Direct customer that integrates or uses NVIDIA's products | Compute & Networking | Represents 11% of total revenue for Fiscal 2025 ($14.35B) |
Indirect Customer (via B) | Indirect customer purchasing through system integrators | Compute & Networking | Estimated at 10% or more of total revenue for Fiscal 2025 (≥$13.05B) |
Recent press releases and 8-K filings for NVDA.
- CoreWeave reports that inference now accounts for over 50% of its AI compute demand, even as training workloads remain robust.
- The company is navigating shifting infrastructure bottlenecks—currently in the power‐shell build (power, cooling, electrical distribution)—amid a planetary-scale CapEx push to meet AI demand.
- Its 32 data centers deploy Nvidia’s newest architectures for cutting-edge training, while earlier generations like H100 and Ampere series are absorbed by broad inference use.
- A business model built on long-term contracts has insulated CoreWeave from GPU spot-price swings and delivered a 900-basis-point reduction in cost of capital on its latest funding facility.
- The US government will take a 15% cut on all AI chips Nvidia sells to China, including the H20 and a limited version of Blackwell.
- CEO Jensen Huang negotiated the cut down from the initially proposed 20% to 15%.
- Nvidia was selling about $8 billion in AI chips to China each quarter before restrictions; a 15% cut equals roughly $1 billion per quarter or $5 billion per year.
- Nvidia views the cut as preferable to losing Chinese market access, indicating it will accept the levy to maintain sales.
- NVIDIA now comprises over 8% of the S&P 500, marking the highest weighting ever for a single stock in the index.
- The tech sector’s overall weighting has surged to over 34% of the S&P 500, exceeding the peak seen during the dot-com bubble.
- Bessemer Trust’s CIO Jeff Mills recommends diversifying outside of tech by targeting quality companies—those with strong free cash flow, rapid earnings growth, and high interest coverage—across all sectors.
- Mills remains overweight NVIDIA for its AI execution prospects and also highlights Broadcom and Google as alternative ways to play the AI theme.
- The U.S. Commerce Department has started issuing licenses enabling Nvidia’s H20 AI chips exports to China, reversing the April ban.
- The H20 chip generated US$4.6 billion in Q1 sales and accounted for 12.5% of Nvidia’s total revenue.
- Export restrictions had threatened to cut Nvidia’s July-quarter sales by up to US$8 billion, but repurposing materials reduced the anticipated charge from US$5.5 billion to US$4.5 billion.
- Analysts forecast Nvidia’s market share in China’s AI chip sector to fall from 66% in 2024 to 54% in 2025, amid rising competition from local firms like Huawei, Cambricon, and Hygon.
- Samsung’s semiconductor division generated an operating profit of 400 billion won, well below analyst forecasts of 2.73 trillion won, highlighting a sharp downturn in chip profitability.
- SK Hynix secured the bulk of Nvidia’s high-bandwidth memory supply—accounting for about 20% of Nvidia’s cost of goods sold—while Samsung supplies only 1%, as AI-driven demand shifts in HBM favor its rival.
- Samsung’s foundry business holds just 8% market share amid intense TSMC competition but landed a $16.5 billion deal with Tesla to produce next-generation AI semiconductors.
- Big Tech earnings grew 27% with a 12 percentage-point beat on consensus and 200 bps margin expansion, even before Nvidia reported.
- Tech multiples have declined over the past two years while earnings growth remains robust in the high 20s–30s, indicating companies are growing into their valuations.
- Software productivity gains of 30–40% from AI and cloud implementation are driving operating leverage for tech-native businesses.
- Despite mid-single-digit sales and 8.5% aggregate earnings growth in the S&P 500, non-tech sectors are underperforming, with earnings growth running below long-term averages.
- Strategist forecasts 9% earnings growth next year—below consensus of 13–15%—citing easing policy and geopolitical uncertainties but highlighting persistent consumer pressure.
- SoftBank raised its Nvidia stake from $1 B to $3 B by the end of March 2025.
- It also acquired $330 M in TSMC shares and $170 M in Oracle stock in early 2025.
- The Vision Fund monetized nearly $2 B in assets in H1 2025 but faces no pressure to accelerate sales, allowing a long-term return focus.
- Strategy centers on Arm Holdings, in which SoftBank holds 90%, aiming to rebuild an AI hardware portfolio after missing Nvidia and TSMC rallies.
- Nvidia plans to re-enter China’s AI chip market with its H20 processors following the rollback of US export controls, but faces intensified competition from domestic rivals such as Huawei, Cambricon, and Hygon.
- Analysts forecast Nvidia’s market share in China to drop from 66% in 2024 to 54% in 2025, driven by Beijing’s AI self-reliance initiatives and state-backed investments.
- China’s Cyberspace Administration has summoned Nvidia over allegations that the H20 chip contains potential security “backdoors,” creating regulatory uncertainty despite Nvidia’s denials.
- Apple is making a $500 billion investment in US-based AI infrastructure and silicon manufacturing to secure supply chains and bolster domestic AI leadership.
- Meta Q2 adjusted EPS of $7.14 vs $5.89 est; revenue $47.52 B vs $44.83 B est; Q3 revenue guide $47.5 B–$50.5 B vs $46.2 B est; FY CapEx raised to $66 B–$72 B.
- Microsoft Q4 revenue of $76.44 B vs $73.89 B est; EPS $3.65; Azure ex-FX grew 39% vs 34% est, with annual Azure revenue surpassing $75 B.
- After-hours reaction: Meta +9–10%, Microsoft +7% on the earnings beats.
- Analyst Gil Luria notes Meta’s 22% ad revenue growth, outpacing Google’s ~12%, underpinning investor patience for elevated AI-related CapEx.
- AI market leader: NVIDIA leads the sector, has resumed H2 chip exports to China under license, and is the first company to reach a $4 trillion market cap, with potential to hit $5 trillion.
- Geopolitical and competitive risks: Future trade tensions and rising competition could pressure margins, as past export restrictions led to a significant write-down.
- Apple down ~15% YTD: Shares have lagged amid trade-war manufacturing shifts and the absence of game-changing AI features in its product lineup.
- Upside potential for Apple: Its large user base and strong ecosystem could drive upgrades if it delivers compelling AI enhancements in upcoming iPhones.