Nvidia has once again shattered its business figures. The American chip manufacturer closed the second quarter of its fiscal year, which ended on July 26, with revenues of 96,221 million dollars (about 82,600 million euros), 106% more than a year earlier and 18% above those recorded in the first quarter. Net profit amounted to 59,688 million dollars (51,200 million euros), compared to 26,422 million (22,700 million euros) in the same quarter of the previous year, representing an increase of 126%.
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Nvidia’s dimension within the current artificial intelligence investment cycle explains a large part of the expectations surrounding its accounts. The company maintains a dominant position in chips used to train and run AI models in data centers, a market in which it controls more than 75%, according to Japanese bank Mizuho. Its Blackwell and Rubin processors could jointly generate more than a trillion dollars in sales between 2025 and 2027, according to forecasts by analysts at the Japanese entity. At the same time, Nvidia has been expanding its role and, in addition to selling chips, participates in the financing of new data centers and can link that financing to the use of its technology.
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The main question is how long this investment pace can be maintained and what impact its increasing costs will have. The strong demand for AI infrastructure has particularly driven up the cost of the high-performance memory incorporated into its processors, while investors are beginning to demand proof that the enormous amounts allocated to data centers will eventually turn into profit. Despite short-term doubts, the analyst consensus remains favorable to Nvidia and expects its shares to revalue by around 50% over the next 12 months.
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