| Metric [USD Million] | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Compute & Networking | 3,673  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | 4,460  **[0001045810-23-000087_q1fy24cfocommentary.htm:0]**  | 10,402  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | 14,645  **[0001045810-23-000225_q3fy24cfocommentary.htm:0]**  | 17,898  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 19,392  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 26,446  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | 31,036  **[0001045810-24-000315_q3fy25cfocommentary.htm:0]**  |
| Graphics             | 2,378  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | 2,732  **[0001045810-23-000087_q1fy24cfocommentary.htm:0]**  | 3,105  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | 3,475  **[0001045810-23-000225_q3fy24cfocommentary.htm:0]**  | 4,205  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | N/A | 3,594  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | 4,046  **[0001045810-24-000315_q3fy25cfocommentary.htm:0]**  |
| Data Center          | 3,616  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | N/A | 10,323  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | N/A | 18,404  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 22,563  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 26,272  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | N/A |
| Gaming               | 1,831  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | N/A | 2,486  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | N/A | 2,865  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 2,647  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 2,880  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | N/A |
| Professional Visualization | 226  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | N/A | 379  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | N/A | 463  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 427  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 454  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | N/A |
| Automotive           | 294  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | N/A | 253  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | N/A | 281  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 329  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 346  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | N/A |
| OEM and Other        | 84  **[0001045810-23-000014_q4fy23cfocommentary.htm:0]**  | N/A | 66  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | N/A | 90  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 78  **[0001045810-24-000124_nvda-20240428.htm:19]**  | 88  **[0001045810-24-000262_q2fy25cfocommentary.htm:0]**  | N/A |
| Total Revenue        | N/A | 7,192  **[0001045810-23-000087_q1fy24cfocommentary.htm:0]**  | 13,507  **[0001045810-23-000171_q2fy24cfocommentary.htm:0]**  | 18,120  **[0001045810-23-000225_q3fy24cfocommentary.htm:0]**  | 22,103  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]**  | 26,044  **[0001045810-24-000124_nvda-20240428.htm:19]**  | N/A | 35,082  **[0001045810-24-000315_q3fy25cfocommentary.htm:0]**  |

98bca675354e12fdbcd337e7cf7b56915d18a8b16235b2250f85504a6dae9450

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

be82bb0848cf5df6419b4fe97cdcb815c9d2309a91130a3f51210b0ed38596bf

| Geographical Segment | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States (USD million) | **2,072**  **[0001045810-23-000017_nvda-20230129.htm:120]**  | **2,385**  **[0001045810-23-000093_nvda-20230430.htm:17]**  | **6,043**  **[0001045810-23-000175_nvda-20230730.htm:19]**  | **6,302**  **[0001045810-23-000227_nvda-20231029.htm:19]**  | **26,966** (FY)  **[0001045810-24-000029_nvda-20240128.htm:127]**  | **13,496**  **[0001045810-24-000124_nvda-20240428.htm:19]**  | **13,022**  **[0001045810-24-000264_nvda-20240728.htm:20]**  | **14,800**  **[0001045810-24-000316_nvda-20241027.htm:20]**  |
| Taiwan (USD million) | **1,747**  **[0001045810-23-000017_nvda-20230129.htm:120]**  | **1,796**  **[0001045810-23-000093_nvda-20230430.htm:17]**  | **2,839**  **[0001045810-23-000175_nvda-20230730.htm:19]**  | **4,333**  **[0001045810-23-000227_nvda-20231029.htm:19]**  | **13,405** (FY)  **[0001045810-24-000029_nvda-20240128.htm:127]**  | **4,373**  **[0001045810-24-000124_nvda-20240428.htm:19]**  | **5,740**  **[0001045810-24-000264_nvda-20240728.htm:20]**  | **5,153**  **[0001045810-24-000316_nvda-20241027.htm:20]**  |
| China (including Hong Kong) (USD million) | **1,446**  **[0001045810-23-000017_nvda-20230129.htm:120]**  | **1,590**  **[0001045810-23-000093_nvda-20230430.htm:17]**  | **2,740**  **[0001045810-23-000175_nvda-20230730.htm:19]**  | **4,030**  **[0001045810-23-000227_nvda-20231029.htm:19]**  | **10,306** (FY)  **[0001045810-24-000029_nvda-20240128.htm:127]**  | **2,491**  **[0001045810-24-000124_nvda-20240428.htm:19]**  | **3,667**  **[0001045810-24-000264_nvda-20240728.htm:20]**  | **5,416**  **[0001045810-24-000316_nvda-20241027.htm:20]**  |
| Singapore (USD million) | N/A | **762**  **[0001045810-23-000093_nvda-20230430.htm:17]**  | N/A | **2,702**  **[0001045810-23-000227_nvda-20231029.htm:19]**  | N/A | **4,037**  **[0001045810-24-000124_nvda-20240428.htm:19]**  | **5,622**  **[0001045810-24-000264_nvda-20240728.htm:20]**  | **7,697**  **[0001045810-24-000316_nvda-20241027.htm:20]**  |
| Other countries (USD million) | **1,786**  **[0001045810-23-000017_nvda-20230129.htm:120]**  | **659**  **[0001045810-23-000093_nvda-20230430.htm:17]**  | **1,885**  **[0001045810-23-000175_nvda-20230730.htm:19]**  | **753**  **[0001045810-23-000227_nvda-20231029.htm:19]**  | **10,245** (FY)  **[0001045810-24-000029_nvda-20240128.htm:127]**  | **1,647**  **[0001045810-24-000124_nvda-20240428.htm:19]**  | **1,989**  **[0001045810-24-000264_nvda-20240728.htm:20]**  | **2,016**  **[0001045810-24-000316_nvda-20241027.htm:20]**  |

d3c4d7ace1d699583ea3debab5eafc7b6aa438252d06c9d9f485fb17ef0b3073

47e8659e1aee783844af1ab865f89bb6852c7c6cb9d01825e3bc99549a543e83

94b18a3dd1381c9700ec6b0928c3203c4c0cb4146505254ae48fbca0925ba36b

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 **[0001045810-24-000264_nvda-20240728.htm:22]** **[0001045810-24-000316_nvda-20241027.htm:22]** **[0001045810-24-000029_nvda-20240128.htm:66]** **[0001045810-24-000029_nvda-20240128.htm:7]**. The company operates through two main segments: "Compute & Networking" and "Graphics" **[0001045810-24-000264_nvda-20240728.htm:22]** **[0001045810-24-000316_nvda-20241027.htm:22]** **[0001045810-24-000029_nvda-20240128.htm:66]** **[0001045810-24-000029_nvda-20240128.htm:7]**. 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 **[0001045810-24-000264_nvda-20240728.htm:22]** **[0001045810-24-000104_nvda-20240514.htm:4]** **[0001045810-24-000029_nvda-20240128.htm:7]**.

1. **Compute & Networking** - Develops and provides data center platforms and AI software, focusing on accelerated computing and generative AI applications.
2. **Graphics** - Produces GPUs for gaming and professional visualization, enhancing visual experiences and computational capabilities.
3. **Data Center** - Offers solutions for data-intensive applications, supporting AI, data science, and scientific computing needs.
4. **Gaming** - Designs and manufactures GPUs and related technologies to enhance gaming experiences.
5. **Professional Visualization** - Provides advanced graphics solutions for professionals in fields such as design, animation, and simulation.
6. **Automotive** - Develops automotive solutions, including technologies for autonomous vehicles and advanced driver-assistance systems.

6d5fc8221bf20d9f63a41bc689804e13ce8858e5a8165b0dfd843d0d16f777b1

dce54cdd1eedcbb99ac2c254e65e74b814c109389bd954ef7e4531bb64f0a668

4d4dac5a50642d13375af00451ee89781de02ee46b9f51c7be4be7a55bef4e88

1. 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**?  **[NVDA_3409617_11]** 

2. 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**?  **[NVDA_3409617_5]** 

3. 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?  **[NVDA_3409617_14]** 

4. 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**?  **[NVDA_3409617_8]** 

5. 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**?  **[NVDA_3409617_6]** 

a5c3d094927c6734053efd375e9a90076d9b1d0a30f6d54206ae2c1da510cd8b

- Advanced Micro Devices, Inc. (AMD) - Competitor in hardware and software for discrete and integrated GPUs, custom chips, and other accelerated computing solutions, including AI solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Huawei Technologies Co. Ltd. (Huawei) - Competitor in hardware and software for discrete and integrated GPUs, custom chips, and other accelerated computing solutions, including AI solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Intel Corporation (Intel) - Competitor in hardware and software for discrete and integrated GPUs, custom chips, and other accelerated computing solutions, including AI solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Alibaba Group - Large cloud services company with internal teams designing hardware and software that incorporate accelerated or AI computing functionality  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Alphabet Inc. - Large cloud services company with internal teams designing hardware and software that incorporate accelerated or AI computing functionality  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Amazon, Inc. - Large cloud services company with internal teams designing hardware and software that incorporate accelerated or AI computing functionality  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Baidu, Inc. - Large cloud services company with internal teams designing hardware and software that incorporate accelerated or AI computing functionality  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Microsoft Corporation (Microsoft) - Large cloud services company with internal teams designing hardware and software that incorporate accelerated or AI computing functionality  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Ambarella, Inc. - Supplier of hardware and software for SoC products used in servers or embedded into automobiles, autonomous machines, and gaming devices  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Broadcom Inc. (Broadcom) - Supplier of hardware and software for SoC products used in servers or embedded into automobiles, autonomous machines, and gaming devices  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Qualcomm Incorporated - Supplier of hardware and software for SoC products used in servers or embedded into automobiles, autonomous machines, and gaming devices  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Renesas Electronics Corporation - Supplier of hardware and software for SoC products used in servers or embedded into automobiles, autonomous machines, and gaming devices  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Samsung - Supplier of hardware and software for SoC products used in servers or embedded into automobiles, autonomous machines, and gaming devices  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Tesla, Inc. - Company with internal teams designing SoC products for their own products and services  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Arista Networks - Competitor in networking products consisting of switches, network adapters (including DPUs), and cable solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Cisco Systems, Inc. - Competitor in networking products consisting of switches, network adapters (including DPUs), and cable solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Hewlett Packard Enterprise Company - Competitor in networking products consisting of switches, network adapters (including DPUs), and cable solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Lumentum Holdings - Competitor in networking products consisting of switches, network adapters (including DPUs), and cable solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .
- Marvell Technology Group - Competitor in networking products consisting of switches, network adapters (including DPUs), and cable solutions  **[0001045810-24-000029_nvda-20240128.htm:15]** .

044fc6ecab5faf5c0ce0f5a2cf09946b172589b4166e01912ae153e6ac516af2

### Q3 2025 Earnings Call
- **Issued Period**: Q3 2025
- **Guided Period**: Q4 2025
- **Guidance**:
  - **Total Revenue**: Expected to be **$37.5 billion**, plus or minus 2%  **[NVDA_3409617_4]** .
  - **GAAP Gross Margin**: Expected to be **73%**, plus or minus 50 basis points  **[NVDA_3409617_4]** .
  - **Non-GAAP Gross Margin**: Expected to be **73.5%**, plus or minus 50 basis points  **[NVDA_3409617_4]** .
  - **GAAP Operating Expenses**: Expected to be approximately **$4.8 billion**  **[NVDA_3409617_4]** .
  - **Non-GAAP Operating Expenses**: Expected to be approximately **$3.4 billion**  **[NVDA_3409617_4]** .
  - **GAAP and Non-GAAP Other Income and Expenses**: Expected to be an income of approximately **$400 million**, excluding gains and losses from nonaffiliated investments  **[NVDA_3409617_4]** .
  - **GAAP and Non-GAAP Tax Rates**: Expected to be **16.5%**, plus or minus 1%, excluding any discrete items  **[NVDA_3409617_4]** .

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: Q3 2025
- **Guidance**:
  - **Total Revenue**: Expected to be **$32.5 billion**, plus or minus 2%  **[NVDA_3400053_4]** .
  - **GAAP Gross Margins**: Expected to be **74.4%**, plus or minus 50 basis points  **[NVDA_3400053_4]** .
  - **Non-GAAP Gross Margins**: Expected to be **75%**, plus or minus 50 basis points  **[NVDA_3400053_4]** .
  - **GAAP Operating Expenses**: Expected to be approximately **$4.3 billion**  **[NVDA_3400053_4]** .
  - **Non-GAAP Operating Expenses**: Expected to be approximately **$3.0 billion**  **[NVDA_3400053_4]** .
  - **GAAP and Non-GAAP Other Income and Expenses**: Expected to be about **$350 million**  **[NVDA_3400053_4]** .
  - **GAAP and Non-GAAP Tax Rates**: Expected to be **17%**, plus or minus 1%, excluding any discrete items  **[NVDA_3400053_4]** .
  - **Full Year Gross Margins**: Expected to be in the mid-70% range  **[NVDA_3400053_4]** .
  - **Full Year Operating Expenses**: Expected to grow in the mid- to upper 40% range  **[NVDA_3400053_4]** .

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: Q2 2025
- **Guidance**:
  - **Total Revenue**: Expected to be **$28 billion**, plus or minus 2%  **[NVDA_3390392_5]** .
  - **GAAP Gross Margin**: Expected to be **74.8%**, plus or minus 50 basis points  **[NVDA_3390392_5]** .
  - **Non-GAAP Gross Margin**: Expected to be **75.5%**, plus or minus 50 basis points  **[NVDA_3390392_5]** .
  - **GAAP Operating Expenses**: Expected to be approximately **$4 billion**  **[NVDA_3390392_5]** .
  - **Non-GAAP Operating Expenses**: Expected to be approximately **$2.8 billion**  **[NVDA_3390392_5]** .
  - **Full Year Operating Expenses Growth**: Expected to grow in the low **40%** range  **[NVDA_3390392_5]** .
  - **GAAP and Non-GAAP Other Income and Expenses**: Expected to be an income of approximately **$300 million**, excluding gains and losses from nonaffiliated investments  **[NVDA_3390392_5]** .
  - **GAAP and Non-GAAP Tax Rates**: Expected to be **17%**, plus or minus 1%, excluding any discrete items  **[NVDA_3390392_5]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: Q1 2025
- **Guidance**:
  - **Total Revenue**: Expected to be **$24 billion**, plus or minus 2%  **[NVDA_3374322_5]** .
  - **GAAP Gross Margins**: Expected to be **76.3%**, plus or minus 50 basis points  **[NVDA_3374322_5]** .
  - **Non-GAAP Gross Margins**: Expected to be **77%**, plus or minus 50 basis points  **[NVDA_3374322_5]** .
  - **GAAP Operating Expenses**: Expected to be approximately **$3.5 billion**  **[NVDA_3374322_5]** .
  - **Non-GAAP Operating Expenses**: Expected to be approximately **$2.5 billion**  **[NVDA_3374322_5]** .
  - **GAAP and Non-GAAP Other Income and Expenses**: Expected to be an income of approximately **$250 million**, excluding gains and losses from non-affiliated investments  **[NVDA_3374322_5]** .
  - **GAAP and Non-GAAP Tax Rates**: Expected to be **17%**, plus or minus 1%, excluding any discrete items  **[NVDA_3374322_5]** .
  - Additionally, they mentioned that beyond Q1, for the remainder of the year, they expect gross margins to return to the mid-70s percent range  **[NVDA_3374322_5]** .

2478f8d6e813be20d19c8e542dfd939c7a3a3ce5bb42e4a9b9c0f9f9e961e7a3

40db95c7465f3d31a267688173a9fb70ba1c5d1dd786a3789deaa477ffb82799

| Name            | Position                                           | Start Date | Short Bio                                                                                                                                                                                                 |
|-----------------|----------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jen-Hsun Huang  | President and Chief Executive Officer              | 1993       | **Jen-Hsun Huang** co-founded **NVIDIA** in **1993** and has served as its **President, Chief Executive Officer, and a member of the Board of Directors** since its inception. He previously worked at LSI Logic and AMD  **[0001045810-24-000029_nvda-20240128.htm:20]** **[0001045810-24-000104_nvda-20240514.htm:21]** **[0001045810-23-000080_nvda-20230508.htm:20]** .              |
| Colette M. Kress| Executive Vice President and Chief Financial Officer| 2013       | **Colette M. Kress** joined NVIDIA in **2013**. Before NVIDIA, she was Senior Vice President and CFO at Cisco Systems, and held various positions at Microsoft and Texas Instruments  **[0001045810-24-000029_nvda-20240128.htm:20]** .                                                      |
| Ajay K. Puri    | Executive Vice President, Worldwide Field Operations| 2009       | **Ajay K. Puri** joined NVIDIA in **2005** and became Executive Vice President in **2009**. He previously worked at Sun Microsystems, Hewlett-Packard, Booz Allen Hamilton, and Texas Instruments  **[0001045810-24-000029_nvda-20240128.htm:20]** **[0001045810-23-000017_nvda-20230129.htm:20]** .                                        |
| Debora Shoquist | Executive Vice President, Operations               | 2009       | **Debora Shoquist** joined NVIDIA in **2007** and became Executive Vice President in **2009**. She previously held senior positions at JDS Uniphase, Coherent, Quantum, and Hewlett-Packard  **[0001045810-24-000029_nvda-20240128.htm:20]** **[0001045810-23-000017_nvda-20230129.htm:20]** .                                            |
| Timothy S. Teter| Executive Vice President and General Counsel       | 2018       | **Timothy S. Teter** joined NVIDIA in **2017** and was promoted to Executive Vice President in **February 2018**. He previously worked at Cooley LLP and Lockheed Missiles and Space Company  **[0001045810-24-000029_nvda-20240128.htm:21]** **[0001045810-23-000017_nvda-20230129.htm:21]** .                                           |
| Ellen Ochoa     | Member of the Board of Directors                   | 2024       | **Ellen Ochoa** was appointed to the Board of Directors on **November 7, 2024**. She received an initial equity grant and a pro-rated annual cash retainer upon her appointment  **[0001045810-24-000300_nvda-20241107.htm:1]** .                                                            |

df1769dff5ca909102d14ab31be9b8ac4f1a48db3d04005d4cd2705a5ca17db4

United States

Taiwan

Singapore

China (including Hong Kong)

Other Asia Pacific

Europe

Other Americas

Other countries

Total Revenue

b0826b3fcbe6e561f2d59b44c7c57dfd8a29f879de682c6e96a40dd3a889f969

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | August 26, 2024  **[0001045810-24-000316_nvda-20241027.htm:51]** |
| End Date/Duration        | No expiration  **[0001045810-24-000316_nvda-20241027.htm:51]**   |
| Total additional amount  | **$50 billion**  **[0001045810-24-000316_nvda-20241027.htm:51]** |
| Remaining authorization  | **$46.4 billion**  **[0001045810-24-000316_nvda-20241027.htm:51]** |
| Details                  | Offsets dilution from shares issued to employees  **[0001045810-24-000029_nvda-20240128.htm:125]** |

1003df6b652c13f7235640661b9cb90d2524ea69bd7d02d04e303f7a1ac29cdb

**Quarterly guidance for Q4 2025:**
- **Total Revenue**: $37.5 billion, plus or minus 2%  **[NVDA_3409617_4]**  (raised from $32.5 billion, plus or minus 2%  **[NVDA_3400053_4]** )  
- **GAAP Gross Margin**: 73%, plus or minus 50 basis points  **[NVDA_3409617_4]**  (lowered from 74.4%, plus or minus 50 basis points  **[NVDA_3400053_4]** )  
- **Non-GAAP Gross Margin**: 73.5%, plus or minus 50 basis points  **[NVDA_3409617_4]**  (lowered from 75%, plus or minus 50 basis points  **[NVDA_3400053_4]** )  
- **GAAP Operating Expenses**: $4.8 billion  **[NVDA_3409617_4]**  (raised from $4.3 billion  **[NVDA_3400053_4]** )  
- **Non-GAAP Operating Expenses**: $3.4 billion  **[NVDA_3409617_4]**  (raised from $3.0 billion  **[NVDA_3400053_4]** )  
- **GAAP and Non-GAAP Other Income and Expenses**: $400 million  **[NVDA_3409617_4]**  (raised from $350 million  **[NVDA_3400053_4]** )  
- **GAAP and Non-GAAP Tax Rates**: 16.5%, plus or minus 1%  **[NVDA_3409617_4]**  (lowered from 17%, plus or minus 1%  **[NVDA_3400053_4]** )  

6b1ed02c2fd33784391406e819c2cfa76af04ebd64866614bac6ca60e021b836

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2004  **[0001045810-24-000029_nvda-20240128.htm:95]**    | Present  | Current auditor   |

a1de9daa2fea366578ca3ea4e6108c4fc4b5da1492ad8ebd042fbc234db41b91

986999917b6659c29b2c9e2be8982e8c067b2c51b2bd506ffab563ad176d9a3d

- Total Revenue (Q3 2025): $35.082 billion (**+94% YoY**)  **[0001045810-23-000227_nvda-20231029.htm:29]** **[0001045810-24-000316_nvda-20241027.htm:28]**   
- Data Center: $30.771 billion (**+112% YoY**, from $14.514B)  **[0001045810-23-000227_nvda-20231029.htm:20]** **[0001045810-24-000316_nvda-20241027.htm:20]**   
- Compute & Networking: $31.036 billion (**+112% YoY**, from $14.645B)  **[0001045810-23-000227_nvda-20231029.htm:29]** **[0001045810-24-000316_nvda-20241027.htm:28]**   
- Automotive: $449 million (+72% YoY, from $261M)  **[0001045810-23-000227_nvda-20231029.htm:20]** **[0001045810-24-000316_nvda-20241027.htm:20]**   
- Net Income: $19.309 billion (**+109% YoY**, from $9.244B)  **[0001045810-23-000227_nvda-20231029.htm:2]** **[0001045810-24-000316_nvda-20241027.htm:28]**   
- Singapore: $7.697 billion (**+185% YoY**, from $2.702B)  **[0001045810-23-000227_nvda-20231029.htm:19]** **[0001045810-24-000316_nvda-20241027.htm:20]**   

97fa05b4dc82dfa65f1f87685fb5c1e6fef568f0d8797df8867bcded1163709a

| Year | Amount Due (in millions) | Debt Type       | Interest Rate (%) | % of Total Debt                          |
|----------|------------------------------|---------------------|-----------------------|---------------------------------------------|
| 2026     | $1,000 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 3.20% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 3.20 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 11.8% = (1,000 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2028     | $1,250 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 1.55% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 1.55 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 14.8% = (1,250 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2030     | $1,500 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 2.85% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 2.85 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 17.7% = (1,500 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2031     | $1,250 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 2.00% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 2.00 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 14.8% = (1,250 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2040     | $1,000 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 3.50% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 3.50 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 11.8% = (1,000 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2050     | $2,000 **[0001045810-24-000316_nvda-20241027.htm:15]**               | 3.50% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 3.50 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 23.6% = (2,000 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]** |
| 2060     | $500 **[0001045810-24-000316_nvda-20241027.htm:15]**                 | 3.70% Notes **[0001045810-24-000316_nvda-20241027.htm:15]** | 3.70 **[0001045810-24-000316_nvda-20241027.htm:15]**          | 5.9% = (500 / 8,462) * 100 **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:15]**   |

35ffcbecd4c5a9e976932eabe72cbf337fd56394fb21efdaf89b34f4d363138b

3921722f7d2233c700f8c19ca3e9843fdb6a38a036420421139099a1a85be09a

1. **Gross Margin Outlook**  
   **Q:** Can NVIDIA recover gross margins to mid-70s% in 2025?  
   **A:** Colette Kress believes reaching **mid-70s% gross margins** in the second half of next year is a reasonable goal, depending on the product mix and ramp.  **[NVDA_3409617_8]** 

2. **Blackwell Ramp and Supply**  
   **Q:** How is the Blackwell production and supply ramp progressing?  
   **A:** Jensen Huang stated that Blackwell production is in full swing, exceeding previous estimates by delivering more units this quarter. Despite demand exceeding supply, they are increasing production with supply chain partners and are on track with their annual roadmap.  **[NVDA_3409617_6]** 

3. **Hopper and Blackwell Demand**  
   **Q:** Will Hopper shipments decline as Blackwell ramps up?  
   **A:** Colette Kress mentioned that Hopper demand remains strong, and they will continue selling Hopper in Q4 across all configurations, including China. Customers are also building out Blackwell, so both products will be available, and it's possible for Hopper to grow between Q3 and Q4.  **[NVDA_3409617_9]** 

4. **No Expected Digestion Period**  
   **Q:** Is a digestion period expected in hardware deployments?  
   **A:** Jensen Huang believes there will be **no digestion period** until the world's **$1 trillion** data centers are modernized for machine learning and generative AI, anticipating continuous growth over the next several years as they build out AI infrastructure.  **[NVDA_3409617_8]** 

5. **Gross Margins During Blackwell Ramp**  
   **Q:** Will gross margins decline during the Blackwell ramp?  
   **A:** Colette Kress expects gross margins to be in the **low 70s%** during the initial Blackwell ramp due to new configurations and chips, but aims to reach the mid-70s% quite quickly in subsequent quarters as they improve yields and product mix.  **[NVDA_3409617_7]** 

6. **Inference Market Growth**  
   **Q:** How does NVIDIA view the growth of the inference market?  
   **A:** Jensen Huang sees significant growth potential in inference as AI adoption expands. He aims for widespread 24/7 inference usage across industries, including AI-native startups, and notes that applications requiring high throughput and low latency benefit from NVIDIA's architecture.  **[NVDA_3409617_10]** 

7. **Networking Business Outlook**  
   **Q:** What is happening with the Networking business?  
   **A:** Colette Kress explained that despite a slight sequential decline, networking is growing year-over-year and is critical to data center operations. They expect growth to resume as they prepare for Blackwell and more systems incorporating NVIDIA's networking solutions.  **[NVDA_3409617_11]** 

8. **Sovereign AI Demand**  
   **Q:** What is the status of sovereign AI demand?  
   **A:** Colette Kress stated that sovereign AI demand remains strong, with the pipeline intact as countries build foundational models in their own languages and cultures. This leads to growth opportunities in Europe and Asia Pacific.  **[NVDA_3409617_12]** 

9. **Gaming Supply Constraints**  
   **Q:** Are supply constraints affecting the Gaming segment?  
   **A:** Colette Kress noted tightness in gaming supply due to rapid sell-through and efforts to ramp all products. They expect to be back on track with more supply in the new calendar year but will be tight for the current quarter.  **[NVDA_3409617_12]** 

10. **Scaling of Large Language Models**  
    **Q:** Is scaling of large language models stalling?  
    **A:** Jensen Huang stated that foundation model pretraining scaling continues, and they've discovered new ways to scale through post-training and inference-time scaling. This drives greater demand for their infrastructure, including Blackwell.  **[NVDA_3409617_5]** 

f9e77b3ca1b1e9e116338deabee97e2cb55cfc80922e2163cb5811822446932a

- **Supply constraints in gaming and data center segments may limit revenue growth.** NVIDIA's gaming revenue is expected to decline sequentially in Q4 due to **supply constraints**, despite strong demand.  **[NVDA_3409617_12]**  Additionally, the complexity of building Blackwell systems, involving **seven different custom chips**, may lead to supply chain challenges impacting the ramp-up.  **[NVDA_3409617_6]**
- **Near-term gross margin pressure due to ramping new products.** As NVIDIA ramps up Blackwell, gross margins are expected to **moderate to the low 70s** from mid-70s, potentially affecting profitability in the near term.  **[NVDA_3409617_9]**
- **Regulatory and geopolitical risks may impact business in China.** Changes in U.S. administration and potential new export controls could affect NVIDIA's operations in China. The company anticipates the market in China to remain **very competitive** and will continue to comply with export controls while serving customers.  **[NVDA_3409617_13]**

e7932ea205e04911512afb1c36bd1e53498b365c90358a49d67e5067e979232b

- **Reduced Revenue in China Due to Export Restrictions:** NVIDIA's Data Center revenue in China has decreased significantly as a result of new export control restrictions, and the market in China has become more competitive. This could impact NVIDIA's growth prospects in a significant market.  **[NVDA_3390392_14]** ,  **[NVDA_3390392_2]**
- **Potential Competition from Custom Solutions:** Some of NVIDIA's customers, including major cloud service providers, are developing their own internal solutions and custom ASICs for neural network training and inference, which could pose a competitive threat to NVIDIA's versatile accelerated computing approach in the medium to long term.  **[NVDA_3390392_11]** ,  **[NVDA_3390392_13]**
- **Rapid Product Cycles May Lead to Customer Hesitation:** The fast pace of NVIDIA's product innovation might cause customers to delay or pause purchases of current-generation products like Hopper and H100 in anticipation of upcoming products like Blackwell, potentially impacting current sales.  **[NVDA_3390392_12]** ,  **[NVDA_3390392_10]**

37e04a8551592f5bbadc2be752d51d479170b354f4c21a7b9253e6e064a4b0d6

- **NVIDIA's demand for its new Blackwell GPUs is staggering, with next-generation foundation models starting at 100,000 Blackwells, indicating strong future growth potential.**  **[NVDA_3409617_5]**
- **The company expects no slowdown until it modernizes $1 trillion worth of data centers, driven by the shift from CPU to GPU computing for AI and machine learning workloads.**  **[NVDA_3409617_8]**
- **NVIDIA is positioned to capitalize on the rise of AI-native companies and the growing demand for inference computing, as it is the largest inference platform in the world with a large installed base and robust ecosystem.**  **[NVDA_3409617_10]** **[NVDA_3409617_5]**

b29b56108bd82fba9239aa3c0f80965bc0236f84e31056d24607c0af95fdd599

- **Strong demand for NVIDIA's current Hopper GPUs and upcoming Blackwell GPUs:** Demand for Hopper remains very strong, and anticipation for Blackwell is incredible, with production ramp scheduled to begin in Q4 and several billion dollars in Blackwell revenue expected in that quarter. This is expected to drive significant revenue growth in the Data Center business.  **[NVDA_3400053_9]** **[NVDA_3400053_1]** **[NVDA_3400053_7]** **[NVDA_3400053_5]**
- **Massive opportunity in the shift from general-purpose computing to accelerated computing:** NVIDIA is at the forefront as data centers worldwide modernize with accelerated computing and generative AI. Customers are investing in NVIDIA's infrastructure due to its superior ROI, driving strong and sustained demand. The transition represents a $1 trillion market opportunity as the world's data centers shift to GPUs.  **[NVDA_3400053_6]** **[NVDA_3400053_8]**
- **Accelerating momentum in generative AI driving demand for NVIDIA's AI platforms:** The adoption of generative AI is rapidly expanding across industries, with enterprises beginning to invest to transform their businesses. NVIDIA's AI platforms are enabling this transformation, contributing to substantial growth in software and support revenue, which is expected to approach a **$2 billion annual run rate** exiting this year.  **[NVDA_3400053_1]** **[NVDA_3400053_13]**

048e65f12642dd96980d03b84c0b0109513e8998a8416645eb537a88eca0b713

- **Customer ROI concerns may impact future CapEx spending**, as analysts highlighted "a pretty heated debate in the market on your customers and customers' customers return on investment and what that means for the sustainability of CapEx going forward"  **[NVDA_3400053_6]** , which could affect NVIDIA's revenue growth.
- **Gross margins may decline due to higher costs and product transitions**, particularly with the ramp-up of the Blackwell product line. Analysts questioned if gross margins could drop to "71 to 72 for Q4" due to "inventory provisions for low-yielding Blackwell material" and different cost structures.  **[NVDA_3400053_10]**
- **Heavy reliance on China for revenue growth poses geopolitical risks**, with significant sequential growth in China revenues while the United States was down. An analyst noted that "the United States was down sequentially while several Asian geographies were up a lot sequentially," raising concerns about exposure to geopolitical tensions.  **[NVDA_3400053_11]**

a1d7311a531c023ca233589d1be9a729911ac5c378eed93e92ebae3968488f45

1. **Supply Constraints of Next-Gen Products**  
   **Q:** Why will next-gen products be supply constrained?  
   **A:** Jensen Huang explained that while overall supply is improving, new products like **H200** and **Spectrum-X** ramp from zero and can't meet demand overnight. Despite improvements, demand will outpace supply in the short term for these new products, but overall supply is increasing nicely.  **[NVDA_3374322_8]** 

2. **Gross Margin Outlook**  
   **Q:** What's driving gross margins back to mid-70s levels?  
   **A:** Colette Kress stated that Q4 and Q1 gross margins are unique due to favorable component costs. Looking forward, they expect gross margins to return to the **mid-70s** for the rest of the fiscal year, driven by product mix adjustments.  **[NVDA_3374322_11]** 

3. **China Sales Impact**  
   **Q:** How is NVIDIA addressing the China market given restrictions?  
   **A:** Jensen Huang noted that after pausing shipments due to new U.S. restrictions, NVIDIA reconfigured products and is now sampling to Chinese customers within specified limits. They aim to compete in China while complying with regulations, expecting business to stabilize after the current quarter.  **[NVDA_3374322_13]** 

4. **Software Business Growth**  
   **Q:** Can you unpack the components of the software business?  
   **A:** Jensen Huang highlighted that NVIDIA's software is essential for accelerated computing. They charge **$4,500 per GPU per year** for their AI Enterprise platform, which has reached a **$1 billion run rate**. They anticipate significant growth as enterprises adopt their solutions.  **[NVDA_3374322_14]** 

5. **Inference Revenue Growth**  
   **Q:** How significant is inference in your revenue?  
   **A:** Jensen Huang indicated that inference now accounts for about **40%** of Data Center revenue, a substantial increase driven by the rise of generative AI applications like ChatGPT and Midjourney, which are **100% new** compared to a year ago.  **[NVDA_3374322_7]** 

6. **Product Allocation Practices**  
   **Q:** How are you allocating products amid high demand?  
   **A:** Jensen Huang stated they allocate fairly and avoid unnecessary allocations to prevent waste. They work closely with customers, connecting partners and end users, to ensure products are provided where they're ready to be deployed, optimizing efficiency.  **[NVDA_3374322_9]** 

7. **Inventory and Backlog**  
   **Q:** How should we interpret the slight decline in inventory commitments?  
   **A:** Colette Kress explained that inventory, purchase commitments, and prepaids have varying components and durations. The similar aggregate numbers don't indicate a decrease in supply, as they continue to increase supply and manage components with different lead times.  **[NVDA_3374322_10]** 

8. **Customers' Long-Term Investments**  
   **Q:** How do customers view the longevity of their NVIDIA investments?  
   **A:** Jensen Huang emphasized that NVIDIA's accelerated computing is programmable, allowing new software and innovations to run on existing hardware. Customers' installed base is enriched over time, ensuring long-term usability of their investments.  **[NVDA_3374322_12]** 

c80364fc93d252f4ffdafe775ea507acac056ec0b88a0b7879de41b97dea1d05

- **NVIDIA is experiencing unprecedented demand for its GPUs and AI infrastructure, with demand outstripping supply across multiple product generations, including Hopper, H200, and the upcoming Blackwell platform.**  **[NVDA_3390392_9]** ,  **[NVDA_3390392_12]** ,  **[NVDA_3390392_10]** ,  **[NVDA_3390392_7]**
- **The company's rapid innovation and expansive product roadmap, including the imminent ramp of Blackwell, positions NVIDIA for continued revenue growth and leadership in AI computing, as customers eagerly adopt new platforms to enhance performance and reduce total cost of ownership (TCO).**  **[NVDA_3390392_12]** ,  **[NVDA_3390392_17]** ,  **[NVDA_3390392_7]** ,  **[NVDA_3390392_15]**
- **NVIDIA's versatile, end-to-end accelerated computing platform, widely adopted across clouds, provides a competitive advantage by delivering high performance and lowest TCO, limiting risks from competition and supporting a strong market position.**  **[NVDA_3390392_11]** ,  **[NVDA_3390392_13]**

a24364847fe7e1e85e0e4edb951aa00296b3a637b19e08d2c4bc1496d233241a

- **NVIDIA's software business has reached a $1 billion annual run rate** and is poised for significant growth as enterprises adopt NVIDIA AI Enterprise software for accelerated computing and AI workloads.  **[NVDA_3374322_14]**
- **Strong demand in the Data Center business driven by industry-wide transitions to accelerated computing and generative AI**, with expectations for continued growth in calendar '24, '25, and beyond, as AI supercomputers are built across industries and regions.  **[NVDA_3374322_6]**
- **NVIDIA's accelerated and programmable platform provides long-term value for customers**, enabling ongoing software improvements and support for new AI models, thus ensuring the usability of their investments over time.  **[NVDA_3374322_12]**

aaac598a900fadfbf613d066954e1136beafa6ee08f33b79d9623987d8a00ffc

- **Significant decline in Data Center revenue from China due to U.S. export control regulations**, with expectations that China's contribution will remain at mid-single-digit percentage, potentially limiting growth in this region.  **[NVDA_3374322_13]**
- **Gross margins are expected to decline from current highs to the mid-70% range for the remainder of the fiscal year**, as favorable component costs normalize, which could impact profitability.  **[NVDA_3374322_11]**
- **Supply constraints for next-generation products are anticipated, with demand exceeding supply**, which may limit the company's ability to meet market demand and could hinder revenue growth.  **[NVDA_3374322_8]**

2ac8278a4a7e5c5017170053f5a50c1207957931300a3baefde8a0da5917f7d0

1. **Blackwell Revenue Expectations**  
   **Q:** Will Blackwell contribute significant revenue this year?  
   **A:** Yes, we expect to see **a lot of Blackwell revenue this year**, with production shipments starting in Q2, ramping up in Q3, and customers having data centers operational in Q4.  **[NVDA_3390392_7]** 

2. **High GPU Demand and Supply Constraints**  
   **Q:** How are you managing high GPU demand and supply constraints?  
   **A:** Demand for our GPUs is **incredible**, outstripping supply as applications like ChatGPT, GPT-4O, and numerous AI startups consume every GPU available. We're racing to deliver systems quickly to meet this overwhelming demand.  **[NVDA_3390392_9]** 

3. **Advancing Technology vs. Customer Investments**  
   **Q:** Are customers worried new products will outpace their current investments?  
   **A:** Customers are early in their build-outs and need to make money today. They're continuing to build with Hopper systems because **time to train is critical**, and staying ahead is more valuable than waiting for the next generation.  **[NVDA_3390392_12]** 

4. **Competition from Cloud Providers**  
   **Q:** Do cloud customers' internal AI programs pose a competitive threat?  
   **A:** We differentiate ourselves with a versatile accelerated computing architecture that handles every aspect of the AI pipeline. Being in every cloud, building AI factories, and offering the lowest total cost of ownership strengthen our competitive edge.  **[NVDA_3390392_11]** 

5. **Transitioning to Blackwell with Liquid Cooling**  
   **Q:** Will liquid cooling complexities delay Blackwell deployment?  
   **A:** No, Blackwell offers many configurations, including air-cooled and liquid-cooled options. We've prepared the ecosystem for this transition, and systems are designed to be backwards compatible, easing the shift from H100 to H200 to B100.  **[NVDA_3390392_8]** 

6. **Demand for Complete Systems**  
   **Q:** Why is there strong demand for systems now versus components?  
   **A:** Our Blackwell platform has expanded offerings significantly, with **100 different system configurations**. By providing more components of the data center, we're delivering higher performance and energy efficiency, benefiting all involved.  **[NVDA_3390392_15]** 

7. **China Sales and H20 Allocation**  
   **Q:** How are you allocating supply between Hopper products for China?  
   **A:** We honor all our customers, but business in China is **substantially lower than in the past** due to limitations on our technology. Demand exceeding supply applies to the entire market, especially for H200 and Blackwell towards year-end.  **[NVDA_3390392_14]** 

8. **Grace CPU and Potential in PCs**  
   **Q:** Could NVIDIA's CPU advantages extend to client PCs?  
   **A:** Yes, there are architectural and system reasons to explore opportunities. Grace CPU's integration offers benefits not possible with current configurations, and we see potential for **system innovation even in PCs**.  **[NVDA_3390392_16]** 

9. **Versatility Over Custom Solutions**  
   **Q:** Why favor a versatile platform over custom solutions?  
   **A:** Our accelerated computing is versatile, handling a wide range of AI advancements. We're not building a widget for one model but a platform suited for the entire domain, providing the **lowest total cost of ownership**.  **[NVDA_3390392_13]** 

10. **Future Innovation Roadmap**  
    **Q:** What's NVIDIA's plan for innovation in the coming decade?  
    **A:** We're on a **one-year rhythm**, introducing new chips and networking technologies rapidly. All advancements run CUDA, so customers benefit from continuous performance improvements without changing their software stack.  **[NVDA_3390392_17]** 

c8bc654b6f5eb69079c928bc1a4fba5287c9b3d03f56930e38ae3e093a4849c5

1. **Revenue Growth and Blackwell Shipments**  
   **Q:** Will Blackwell shipments boost revenue growth in Q4?  
   **A:** Yes, NVIDIA expects to ship **several billion dollars** of Blackwell in Q4, adding to revenue alongside continued growth from Hopper GPUs. Demand for Hopper remains strong, and Blackwell's anticipation is incredible, contributing to revenue growth in the second half.  **[NVDA_3400053_5]** **[NVDA_3400053_7]** **[NVDA_3400053_9]** **[NVDA_3400053_10]** 

2. **Gross Margin Outlook**  
   **Q:** What is the expected gross margin trend into Q4?  
   **A:** NVIDIA anticipates a gross margin of approximately **75%** for Q3 and aims to maintain mid-70s for the full year. There may be slight differences in Q4 due to product transitions and cost structures, but overall margins are expected to remain strong.  **[NVDA_3400053_10]** 

3. **CapEx ROI and Sustainability**  
   **Q:** How is NVIDIA viewing customer ROI on CapEx investments?  
   **A:** NVIDIA believes investing in its accelerated computing infrastructure offers immediate returns. Customers achieve fast ROI through cost savings and performance gains, making it the **best computing infrastructure** to invest in today.  **[NVDA_3400053_6]** **[NVDA_3400053_8]** 

4. **Demand for Hopper vs. Blackwell GPUs**  
   **Q:** How does demand for Hopper GPUs compare to Blackwell?  
   **A:** Demand for Hopper remains strong and is expected to grow into the second half. Customers are investing in Hopper now to meet immediate needs while anticipating Blackwell, which will start shipping in Q4. Both products will coexist due to different customer requirements and timelines.  **[NVDA_3400053_7]** **[NVDA_3400053_9]** 

5. **Impact of Changes in Blackwell Design**  
   **Q:** Will changes in Blackwell's design affect production timing?  
   **A:** No, the mask change for Blackwell is complete with **no functional changes** needed. NVIDIA expects to start production in Q4 without impacting the revenue profile.  **[NVDA_3400053_5]** 

6. **Geographical Sales Dynamics**  
   **Q:** How did different geographies perform, particularly China?  
   **A:** Invoicing locations may shift due to where products are configured, which doesn't necessarily reflect end destinations. **China performed well** across gaming, Data Center, and automotive segments.  **[NVDA_3400053_11]** 

7. **Vertical Integration and Supply Chain**  
   **Q:** Is NVIDIA considering greater vertical integration due to complexities?  
   **A:** NVIDIA prefers to utilize its ecosystem of ODMs and integrators for system integration and supply chain management. This allows the company to focus on technology development while partners handle integration close to customers.  **[NVDA_3400053_12]** 

8. **Rack-Scale Systems Mix with Blackwell**  
   **Q:** How will Blackwell affect the mix of rack-scale systems?  
   **A:** NVIDIA designs rack systems but sells **disaggregated components**, as customers have varying needs. Integration is handled by partners close to data centers, providing flexibility and scalability in deployment.  **[NVDA_3400053_13]** 

e59586808a25a0c3dc188137609f78cd25ae9d99942d94d5ae19c95e24911ad2

NVIDIA Corp (NVDA)

Financials