Nvidia has again achieved triple-digit year-over-year growth, but its expansion is slowing.
The GPU giant today revealed Q2 2025 revenue of $30.04 billion – up 122 percent for the year. But it's also rather less than the 262 percent, 265 percent, and 206 percent year-over-year growth the chip shop reported in Q1 2025, Q4 2024, and Q3 2024. Quarter-to-quarter growth has also slowed: for this quarter it was 15 percent, compared to 17 percent, 22 percent, and 34 percent in preceding quarters.
Nvidia isn't worried in the slightest as it predicted $28 billion revenue, plus or minus two percent.
Datacenter kit dominated, contributing $26.3 billion revenue, up 16 percent from Q1 and 154 percent from a year ago. Cloud service providers accounted for 45 percent of that haul, while more than 50 percent came from consumer internet and enterprise customers.
Networking accounted for $3.7 billion of the datacenter total. With an annual run rate of over $14 billion, Nvidia is therefore the second-biggest datacenter networking vendor – and bigger than Arista and Juniper combined.
Investors were told that H200 series accelerators, which use Nvidia's Hopper architecture, are starting to ramp, and big clouds are lining up to buy them.
CEO Jensen Huang said that's because "… if you just look at the world's cloud service providers, the amount of GPU capacity they have available, it's basically none. And the reason for that is because they're either being deployed internally for accelerating their own workloads" or renting them to startups.
"If you have a choice between building CPU infrastructure right now for business or Hopper infrastructure for business right now, that decision is relatively clear," Huang explained, "So, I think people are just clamoring to transition the $1 trillion of established installed infrastructure to a modern infrastructure and Hopper's state-of-the-art."
It's a good thing, then, that supply and availability of Hopper products has improved.
The acceleration champ also revealed it's shipped samples of its forthcoming Blackwell product range – its next-gen tech – and predicted it will bring more billions to the balance sheet this year.
- Delays? We're still shipping 'small quantities' of Nvidia's GB200 in Q4, Foxconn insists
- Huawei's Ascend 910 launches this October to challenge Nvidia's H100
- Tenstorrent's Blackhole chips boast 768 RISC-V cores and almost as many FLOPS
- Intel finally has a new GPU – for cars
Despite US bans on sales of advanced tech to China, revenue from the Middle Kingdom rose. In a regulatory filing [PDF],Nvidia noted "Our datacenter revenue in China grew sequentially in the second quarter of fiscal year 2025 and is a significant contributor to our datacenter revenue" – but still a smaller contributor than it was before sanctions were imposed.
The filing also notes that China's new energy regulations – which set standards for compute performance per watt and per memory bandwidth of accelerators used in new and renovated datacenters – could change in ways that mean Nvidia would not be able to create products that would be allowed in the Middle Kingdom.
Another nugget in the filing is a colossal sales spike in Singapore, which accounted for $5.6 billion revenue – up from $1 billion last quarter. Nvidia's posted similar oddities before, and in this quarter felt the need to inform investors that "most shipments associated with Singapore revenue were to locations other than Singapore and shipments to Singapore were insignificant."
Huang used the earnings call to deliver his usual burst of AI optimism, with associated boasting that Nvidia alone can make it happen. He predicted $32.5 billion of revenue for its next quarter – year-over-year growth of a mere 79.5 percent.
Our sibling publication The Next Platform has covered remarks by CFO Colette Kress here.
Investors didn't like what they heard: Nvidia's shares dropped from around $126 apiece to the $116 range in after hours trading. ®