NVIDIA

NVIDIA's AI Revolution:
Revenue Growth & Trends
Analysis
A Data-Driven Analysis of NVIDIA's Transformation into an AI
Powerhouse

April 24, 2025
NVIDIA

Table of Contents

1  Overview of Growth 2  Data Center Revenue Trends

3  Composition Shift 4  Segment Analysis

5  Customer Breakdown 6  AI Ecosystem

7  Evolution of GPU Architecture 8  Future Outlook

9  Key Takeaways
NVIDIA

Overview of Growth

Total FY25 revenue of

 $130.5B (up 114% YoY)
Data Center revenue of
 $115.2B (up 142% YoY)
AI boom fueling
 unprecedented growth
8 consecutive quarters of
 growth
Data Center segment now
% drives 90% of revenue

Source: NVIDIA Financial Reports, FY24-FY25

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Data Center Revenue Trends

Explosive quarterly growth from $4.2B in Q1 FY24

 to $35.6B in Q4 FY25
Data Center's share of total revenue grew from
% 76.4% to over 90%
8 consecutive quarters of growth, despite high
 base effects
Quarter-over-Quarter (QoQ) growth remained
 strong at 16% in Q4 FY25
AI infrastructure demand driving consistent
 growth

Source: NVIDIA Financial Reports, FY24-FY25

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Composition Shift

 Data Center revenue grew from 25% of total

revenue in 2019 to 88.3% in 2025
 Gaming revenue declined from 53.3% of total
revenue in 2019 to 8.7% in 2025
 The AI boom starting in 2022 accelerated the
transformation
 Other segments (Professional Visualization,
Automotive) now represent small fractions of
revenue
 Complete business model transformation in just
6 years

Source: NVIDIA Financial Reports, 2019-2025

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Segment Analysis

 Data Center segment's phenomenal 142% YoY

growth driving overall company performance
 Strong performance in the Automotive segment
(55% YoY growth) showing AI's impact beyond
data centers
 Gaming segment maintained 9% growth despite
the company's strategic shift toward AI
 Data Center and Automotive segments
exceeded the 100% growth threshold, more
than doubling in size
 Overall company growth fueled primarily by AI-
related applications across multiple segments

Source: NVIDIA Financial Reports, FY25

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Customer Breakdown
NVIDIA's AI Revenue by Customer Segment

 Cloud service providers (AWS, Azure, Google

Cloud, Oracle) account for 50% of Data Center
revenue
 Enterprise direct sales growing as more
companies build AI infrastructure
 System integrators and OEMs helping extend
NVIDIA's reach across industries
 AI startups forming a critical part of the
ecosystem
 Notable customer deployments include Meta's
350,000 H100 GPUs in 2024

 Amazon Web Services  Microsoft Azure  Google Cloud  Oracle Cloud  Meta  Tesla  Toyota

 CoreWeave

Source: NVIDIA Financial Reports, FY25

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AI Ecosystem
NVIDIA's AI Ecosystem

 End-to-End AI Stack  Cloud & Enterprise  Automotive & Robotics

 H100, GB200 GPU Hardware  AWS, Azure, GCP, Oracle  Toyota DRIVE AGX Orin
 CUDA Ecosystem  DGX Cloud Platform  Hyundai Manufacturing AI
 NVIDIA AI Enterprise  Cisco Networking Partnerships  NVIDIA Cosmos Platform
 NIM Microservices  Verizon 5G Edge Computing  Jetson Orin Nano

 NVIDIA's comprehensive ecosystem spans from silicon to software to systems

 Software frameworks like CUDA, NIM, and AI Blueprints drive widespread adoption

Source: NVIDIA Financial Reports & Corporate Announcements, FY25

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Future Outlook

 Projected growth trajectory continues upward,

reaching $195.3B by FY28
 Blackwell architecture to drive near-term growth
in FY26, with 25% YoY projected increase
 Growth expected to moderate but remain strong
as market shifts from infrastructure buildout to
broader AI adoption
 AI PC & Edge expansion to create new growth
vectors in FY27-28
 Primary challenges include supply chain
constraints and increasing competition

 Blackwell Architecture  AI PC Revolution  Edge AI Expansion  Next-Gen Architecture

 Robotics & Autonomous Systems

Source: Analyst consensus estimates, NVIDIA guidance

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Evolution of GPU Architecture

2018 2019 2020 2022 2024

Volta Turing Ampere Hopper Blackwell
 21B transistors  18.6B transistors  54B transistors  80B transistors  208B transistors
 900 GB/s  672 GB/s  1.6 TB/s  3.0 TB/s  8.0 TB/s
bandwidth bandwidth bandwidth bandwidth bandwidth
 125 TFLOPS  130 TFLOPS  312 TFLOPS  1000 TFLOPS  20X H100
(FP16) (FP16) (FP16) (FP16) performance
 First Tensor cores  RT cores for ray  3rd gen Tensor  Transformer  Next-gen
tracing cores Engine Transformer
 V100 GPU Engine
 T4 GPU  A100 GPU  H100 GPU
GB200

Superchip

 10x performance increase every 2 years, outpacing  Transistor count increased 10x from Volta to Blackwell
Moore's Law
 Each generation enables new AI capabilities and  Memory bandwidth increased 9x from 2018 to 2024
model sizes

Source: NVIDIA Technical Specifications and Announcements

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Key Takeaways

 Complete Transformation  Explosive Growth

NVIDIA has successfully transformed from a gaming- Data Center revenue grew at an unprecedented 142%
focused company to an AI powerhouse, with Data YoY rate, reaching $115.2 billion in FY25 from $4.2B in
Center revenue growing from 25% in 2019 to 88.3% in Q1 FY24 to $35.6B in Q4 FY25.
2025.

 Ecosystem Advantage  Strong Customer Base

NVIDIA's comprehensive end-to-end AI ecosystem Cloud service providers account for 50% of Data
has created significant competitive moats, spanning Center revenue, with enterprises, OEMs, and AI
hardware, software, and partnerships across cloud, startups creating a diverse, growing customer
enterprise, and automotive sectors. foundation.

 Technical Leadership  Future Growth

Continuous innovation in GPU architecture has Projected revenue growth to $195.3B by FY28, driven
maintained NVIDIA's leadership, with 10x by Blackwell architecture, AI PC expansion, and
performance gains every two years from Volta to broader AI adoption across industries.
Blackwell.

As AI continues to transform industries, NVIDIA's strategic positioning at the heart of the AI revolution
positions the company for sustained growth and innovation. While growth rates may moderate from
the extraordinary levels seen in FY25, the expanding AI market across cloud, enterprise, edge, and
consumer applications provides multiple growth vectors for the next decade.

"Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the
answer smarter." — Jensen Huang, CEO