Overview

• Analysts expect roughly $45.9 billion in quarterly revenue, about 53% higher than a year ago, with the market highly sensitive to the tone of management’s outlook.
• Data center remains the engine of growth, accounting for 88% of sales last quarter, as Blackwell systems drive a rising share but face partner build and shipping limits.
• Blackwell generated about $27 billion in sales by May, roughly 70% of data center revenue, and Blackwell Ultra is expected to begin shipping in the second half of 2025.
• Nvidia’s exposure to a few hyperscalers is significant, with 34% of last year’s total sales coming from three customers, heightening dependence on their investment plans.
• China remains a key variable after President Trump said Nvidia agreed to remit 15% of China chip revenue for H20 export licenses, leading analysts to anticipate conservative guidance that may exclude H20 sales.