Investor Presentation

Q2 FY25
September 3, 2024
Except for the historical information contained herein, certain matters in this presentation including, but not limited to, statements as to: our financial position; our business plans; our markets, market
opportunity, demand and growth drivers; supply for our products; our financial outlook; the benefits, impact, performance, features, and availability of our products and technologies; third parties adopting or
using our products or technologies and the benefits and impact thereof; the benefits and impact of our collaborations or partnerships with third parties, and the features and availability of their offerings; our
customers continuing to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell; demand coming from frontier model makers, consumer internet services, and tens of thousands of
companies building gen AI applications; sovereign AI revenue reaching low double-digit billions this year; every PC with RTX capable of delivering up to1,300 AI TOPS; game developers continuing to embrace
NVIDIA ACE; RTX being set to revolutionize consumer experiences with gen AI; Blackwell being widely sampling; timing of Blackwell production ramp and shipment; demand and supply for Blackwell; Hopper
shipment; GeForce NOW library continuing to expand; NVIDIA MGS modular reference architecture in over 100 Blackwell systems, providing computer manufacturers with a reference architecture to quickly and
cost-effectively build Blackwell design configurations; NVIDIA Spectrum-X Ethernet networking platform gaining wide adoption; CoreWeave, GMO Internet Group, Lambda, Scaleway, STPX Global, and Yotta
bringing extreme networking performance to their AI infrastructures; plans announcing the launch of new Spectrum-X products every year, delivering increased bandwidth, ports, enhanced software feature
sets, and programmability to drive leading AI Ethernet networking performance; NIM enabling enterprises to maximize their infrastructure investments; technology partners integrating NIM into their platforms;
enterprises being able to deploy AI applications in production with NIM through the NVIDIA AI Enterprise software platform; NVIDIA ACE generative AI microservices enabling the creation and operation of digital
humans or generative AI avatars; the next wave of AI being physical AI or AI that understands the laws of physics and NVIDIA Omniverse and NVIDIA Isaac being key platforms driving this transition; NVIDIA’s
RTX AI PCs being set to revolutionize consumer experiences with generative AI; major advancements to OpenUSD expanding adoption of the universal 3D data interchange framework to robotics, industrial
design and engineering, and accelerating developers’ abilities to build highly accurate virtual worlds; availability of the world’s first generative AI models for OpenUSD; the integration of OpenUSD pipelines; new
AI microservices allowing roboticists to enhance simulation workflows for generative physical AI; enterprises being able to continually refine their AI applications based on user feedback with NIM Agent
Blueprints, creating a data-driven AI flywheel are forward-looking statements.

These forward-looking statements and any other forward-looking statements that go beyond historical facts that are made in this presentation are subject to risks and uncertainties that may cause actual
results to differ materially. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our
products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our
products or our partners' products; design, manufacturing or software defects; changes in consumer preferences and demands; changes in industry standards and interfaces; unexpected loss of performance
of our products or technologies when integrated into systems and other factors.

NVIDIA has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations,
business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, and you should not
rely upon the forward-looking statements as predictions of future events. The future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from
those anticipated or implied in the forward-looking statements. Although NVIDIA believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee that
future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Except as required by law, NVIDIA disclaims any obligation to
update these forward-looking statements to reflect future events or circumstances. For a complete discussion of factors that could materially affect our financial results and operations, please refer to the
reports we file from time to time with the SEC, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of reports we file with the SEC
are posted on our website and are available from NVIDIA without charge.

Many of the products and features described herein remain in various stages and will be offered on a when-and-if-available basis. The statements within are not intended to be, and should not be interpreted as
a commitment, promise, or legal obligation, and the development, release, and timing of any features or functionalities described for our products is subject to change and remains at the sole discretion of
NVIDIA. NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products, features or functions set forth herein.

NVIDIA uses certain non-GAAP measures in this presentation including non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted earnings per share. NVIDIA believes
the presentation of its non-GAAP financial measures enhances investors' overall understanding of the company's historical financial performance. The presentation of the company's non-GAAP financial
measures is not meant to be considered in isolation or as a substitute for the company's financial results prepared in accordance with GAAP, and the company's non-GAAP measures may be different from non-
GAAP measures used by other companies. Further information relevant to the interpretation of non-GAAP financial measures, and reconciliations of these non-GAAP financial measures to the most comparable
GAAP measures, may be found in the slide titled “Reconciliation of Non-GAAP to GAAP Financial Measures”.
 Content
• Q2 FY25 Earnings Summary

• Key Announcements This Quarter

• Reconciliation of Non-GAAP to GAAP Financial Measures

Q2 FY25
Earnings Summary
 Highlights

Record quarter driven by strong Data Center growth

• Total revenue up 122% Y/Y to $30.0B, well above outlook of $28.0B +/- 2%
• Record Data Center up 154% Y/Y to $26.3B
• Gaming up 16% Y/Y to $2.9B

Data Center revenue driven by strong demand for NVIDIA Hopper GPU computing and networking platforms
• Customers continue to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell
• Demand coming from frontier model makers, consumer internet services, and tens of thousands of companies building gen AI applications
• Ethernet for AI revenue doubled Q/Q with hundreds of customers adopting our Ethernet offerings
• Sovereign AI revenue can reach low double-digit $ billions this year

Gaming end demand is strong and growing while channel inventory remains healthy
• Every PC with RTX is an AI PC, capable of delivering up to1,300 AI TOPS; now 200+ RTX AI laptop designs from leading PC manufacturers
• Game developers continue to embrace NVIDIA ACE, with Mecha BREAK the first announced game to use the technology
• RTX and gen AI set to revolutionize consumer experiences with 600 AI-powered applications & games, & an installed base of 100M devices

Announced an additional $50.0 billion to our share repurchase authorization

 Q2 FY25 Financial Summary

GAAP Non-GAAP
31,500 Revenue($M) Non-GAAP GM $30,040
88.0%
Q2 FY25 Y/Y Q/Q Q2 FY25 Y/Y Q/Q
26,500 $26,044

Revenue $30,040 +122% +15% $30,040 +122% +15%

83.0%
$22,103
21,500
78.9%
$18,120
Gross Margin 75.1% +5.0 pts -3.3 pts 75.7% +4.5 pts -3.2 pts
76.7% 78.0%
16,500 75.7%
75.0%
Operating
$13,507 $18,642 +174% +10% $19,937 +156% +10%
Income
73.0%
11,500
71.2% Net Income $16,599 +168% +12% $16,952 +152% +11%

68.0%
6,500

Diluted EPS $0.67 +168% +12% $0.68 +152% +11%

1,500 63.0%
Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Cash Flow
$14,489 +128% -6% $14,489 +128% -6%
from Ops

All dollar figures are in millions other than EPS. Refer to Appendix for reconciliation of Non-GAAP measures.
 Data Center

Highlights
154% Y/Y
and
16% Q/Q • Compute revenue grew more than 2.5x and Networking revenue
grew more than 2x from last year
$26,272
• Key workloads driving growth include gen AI model training and
inference; video, image, and text data pre and post processing with
$22,563 CUDA in AI workflows; synthetic data generation, AI powered
recommender systems, SQL and vector data base processing
$18,404
• NVIDIA H200 platform began ramping in Q2 shipping to large CSPs,
consumer internet, and enterprise customers
$14,514
• Blackwell is widely sampling, and production ramp is scheduled to
begin in Q4 and continue into F2026; expect to ship several $B in
$10,323 Blackwell revenue in Q4
• Hopper shipments expected to increase in the 2H of fiscal 2025
• Hopper supply/availability have improved. Demand for Blackwell is
well above supply, and we expect this to continue into next year
• Networking Y/Y growth was driven by InfiniBand and Ethernet for AI
Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
revenue, which includes Spectrum-X end-to-end ethernet platform

Revenue ($M)
 Gaming

16% Y/Y Highlights

and
9% Q/Q • Q/Q growth in console, notebook, and desktop revenue
$2,856 $2,865 $2,880 • Every PC with RTX is an AI PC, and can deliver up to 1,300 AI TOPS;
$2,647
there are now 200+ RTX AI laptop designs from PC manufacturers
$2,486 • Recently added RTX and DLSS titles include Indiana Jones and the
Great Circle, Dune Awakening and Dragon Age: The Veilguard
• GeForce NOW library continues to expand with now over 2,000
titles, the most content of any cloud gaming service

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Revenue ($M)
 Professional Visualization

Highlights
20% Y/Y
and • Demand is being driven by AI and graphics use cases, including
6% Q/Q model fine-tuning and NVIDIA Omniverse-related workloads
$463 $454 • Automotive and manufacturing were among the key industry
$416
$427 verticals driving growth
$379 • Foxconn is using Omniverse to power digital twins of the
physical plants that produce NVIDIA Blackwell systems
• Several large global enterprises, including Mercedes-Benz,
signed multi-year contracts for NVIDIA Omniverse Cloud to
build industrial digital twins of factories

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Revenue ($M)
 Automotive

Highlights
• Y/Y growth was driven by new customer ramps in self-driving
37% Y/Y platforms and increased demand for AI cockpit solutions
and
5% Q/Q
• At the Computer Vision and Pattern Recognition conference,
NVIDIA won the Autonomous Grand Challenge in the ‘End-to-
$346 End Driving at Scale’ category, outperforming more than 400
$329 entries worldwide
$281 • Boston Dynamics, BYD Electronics, Figure, Intrinsic, Siemens,
$261
$253 Skild AI, and Teradyne Robotics are using the NVIDIA Isaac
robotics platform for autonomous robot arms, humanoids,
and mobile robots

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Revenue ($M)
 Sources & Uses of Cash

128% Y/Y
Highlights

6% Q/Q • Y/Y increase reflects higher revenue partially offset by higher

cash taxes paid
$15,345
$14,489 • Q/Q decrease reflects cash taxes paid partially offset by higher
revenue

$11,499
• Utilized cash of $7.4B towards shareholder returns, including
$7.2B in share repurchases and $246M in cash dividends
• Invested $1B in capex (includes principal payments on PP&E)
$7,333 • Ended the quarter with $34.8B in gross cash and $8.5B in debt;
$6,348 $26.3B in net cash

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Cash Flow from Operations ($M)

Gross cash is defined as cash/cash equivalents & marketable securities.

Net cash is defined as gross cash less debt.
Debt is defined as principal value of debt.
 Q3 FY25 Outlook

Revenue $32.5 billion, plus or minus 2%

Incorporates continued Hopper architecture growth and sampling of Blackwell products

Gross Margins 74.4% GAAP and 75.0% non-GAAP, plus or minus 50 basis points
For the full year, gross margins are expected to be in the mid-70% range

Operating Expense Approximately $4.3 billion GAAP and $3.0 billion non-GAAP
Full-year opex is expected to grow in the mid to upper 40% range

Other Income & Expense Income of approximately $350 million for GAAP and non-GAAP
Excluding gains and losses from non-affiliated investments and publicly-held equity securities

Tax Rate 17.0% GAAP and non-GAAP, plus or minus 1%, excluding discrete items

Refer to Appendix for reconciliation of Non-GAAP measures.

Key Announcements
This Quarter
Computer Industry Joins NVIDIA to
Build AI Factories and Data Centers
for the Next Industrial Revolution

• NVIDIA and the world’s top computer manufacturers unveiled an

array of NVIDIA Blackwell architecture-powered systems and
NVIDIA networking for building AI factories and data centers
• These include cloud, on-premises, embedded and edge AI systems
ranging from single to multi-GPUs, x86- to Grace-based
processors, and air- to liquid-cooling technology
• NVIDIA MGX Modular Reference Architecture in Over 100
Blackwell Systems – NVIDIA MGX now supports Blackwell
products, including the new GB200 NVL2 for scale-out servers.
NVIDIA MGX provides computer manufacturers with a reference
architecture to quickly and cost-effectively build Blackwell system
design configurations
Widespread Adoption of NVIDIA Spectrum-X1600
Spectrum-X Ethernet for AI 102.4T – 512 Radix
CX9 1600G SuperNIC
Millions of GPUs

• NVIDIA Spectrum-X Ethernet networking platform built for AI is now

generally available from OEM & ODM partners; gaining wide adoption
by Cloud Service Providers, GPU Cloud Providers and Enterprises
Spectrum-X800 Ultra
• CoreWeave, GMO Internet Group, Lambda, Scaleway, STPX Global and

TFLOPS
51.2T – 512 Radix
Yotta are among the first AI cloud service providers embracing it to CX8 800 SuperNIC
100’s of Thousands of GPUs
bring extreme networking performance to their AI infrastructures
• Announced plans to launch new Spectrum-X products every year,
delivering increased bandwidth, ports, enhanced software feature
sets and programmability to drive leading AI Ethernet networking Spectrum-X800
performance 51.2T – 256 Radix
BF3 400G SuperNIC
10’s of Thousands of GPUs

2024
2016 2018 2025
2020 2022 2026
2024

SPECTRUM-X ROADMAP
ETHERNET FOR AI
NVIDIA NIM Inference Microservices
Now Generally Available, Adopted
by 150+ Partners

• NVIDIA NIM are inference microservices that provide pre-trained

models as optimized containers to deploy on clouds, data centers
or workstations, enabling developers to quickly and easily build
generative AI applications
• NIM enables enterprises to maximize their infrastructure
investments. For example, running Meta Llama 3-8B in a NIM
produces up to 3x more generative AI tokens on accelerated
infrastructure than without NIM
• Many technology partners, including Cadence, Cloudera, Cohesity,
DataStax, NetApp, Scale AI and Synopsys, are integrating NIM into
their platforms to speed generative AI deployments for domain-
specific applications, such as copilots, code assistants, and digital
human avatars
• Industry leaders Foxconn, Pegatron, Amdocs, Lowe’s, ServiceNow and
Siemens are among the businesses using NIM for generative AI
applications in manufacturing, healthcare, financial services, retail,
customer service and more
• Enterprises can deploy AI applications in production with NIM
through the NVIDIA AI Enterprise software platform
NVIDIA ACE Microservices
for Future of Generative AI
Avatars Now Available

Digital Human NIMs

• NVIDIA ACE generative AI microservices, which help enable the

creation and operation of digital humans or generative AI avatars,
are now generally available for cloud, and in early access for RTX
AI PCs Riva ASR Nemotron SLM

• NVIDIA ACE digital human technologies now generally available

Input Digital Human
include:
• NVIDIA Riva ASR, TTS and NMT — for automatic speech recognition,
text-to-speech conversion and translation Riva TTS Audio2Face
• NVIDIA Nemotron LLM — for language understanding and contextual
response generation
• NVIDIA Audio2Face — for realistic facial animation based on audio tracks
• NVIDIA Omniverse RTX — for real-time, path-traced realistic skin and hair

• Newly announced technologies include:

• NVIDIA Audio2Gesture — for generating body gestures based on audio
tracks RTX AI PC Cloud

• NVIDIA Nemotron-3 4.5B — a new small language model for on-device

RTX AI PC inference

• ACE technologies are in use by companies across customer service,

gaming and healthcare, including Dell Technologies, ServiceNow, Aww
Inc., Inventec, and Perfect World Games
Physical AI Is the Next Wave,
Driving the Digitalization of $50T
of Heavy Industries

• The next wave of AI is physical AI – or AI that understands the laws of DESIGN PERFORMANCE AV FACTORY
physics – which is essential for robotics and industrial digitalization. DIGITAL TWIN DIGITAL TWIN DIGITAL TWIN DIGITAL TWIN

NVIDIA Omniverse and NVIDIA Isaac are key platforms driving this
transition
• Major Taiwanese electronics makers, including Delta Electronics,
Foxconn, Pegatron and Wistron, are using NVIDIA technologies such
as Omniverse, Metropolis, and Isaac to automate their factories
• Robotics leaders are adopting the NVIDIA Isaac robotics platform for
the research, development and production of the next generation of ROBOTICS
DIGITAL TWIN
WAREHOUSE
DIGITAL TWIN
CLIMATE
DIGITAL TWIN
NETWORK
DIGITAL TWIN
AI-enabled autonomous machines such as robot arms, humanoids,
and mobile robots
• This includes BYD Electronics, Siemens, Teradyne Robotics and Intrinsic,
an Alphabet Company

• NVIDIA AI Enterprise-IGX with Holoscan now generally available for

Industrial Edge AI, providing an enterprise-grade platform for the
medical, industrial and scientific computing sectors to develop and
deploy edge AI solutions faster NVIDIA NVIDIA NVIDIA
AI Isaac Omniverse
NVIDIA Brings AI Assistants to Life
with RTX AI PCs

• NVIDIA RTX AI PCs, with over 200 RTX AI laptops and more than 600
AI-powered apps and games, are set to revolutionize consumer
experiences with generative AI
• New laptops from our partners feature up to GeForce RTX 4070
GPUs with Windows 11 AI PC capabilities and will receive a free
update to Copilot+ PC experiences when available
• The RTX AI Toolkit is a new suite of tools and software development
kits that aid developers in optimizing and deploying large generative
AI models on Windows PCs
• Microsoft and NVIDIA are collaborating to help developers bring new
generative AI capabilities to their Windows native and web apps with
easy API access to RTX-accelerated small language models that run
on-device as part of Windows Copilot Runtime

ANNOUNCING NEW RTX AI PCs

Now Over 200 RTX AI Laptops | Up to 700 AI TOPS | 7X Generative AI
NVIDIA Announces Generative AI
Models and NIM Microservices for Generative AI for OpenUSD

OpenUSD Language , Geometry, Available on NVIDIA API catalog

Physics and Materials

USD Code USD Search USD Validate

Coming soon
• Announced major advancements to Universal Scene Description
(OpenUSD), that will expand adoption of the universal 3D data
interchange framework to robotics, industrial design and
engineering, and accelerate developers’ abilities to build highly USD Layout USD fVDB Mesh fVDB Physics fVDB NeRF-XL

accurate virtual worlds SmartMaterial Generation Super-Res

• The world’s first generative AI models for OpenUSD, developed by

NVIDIA, will be available as NVIDIA NIM microservices, enabling
developers to incorporate gen AI copilots/agents into USD workflows OpenUSD for New Industries

• NIM microservices and Omniverse are being used by Foxconn to

create a digital twin of a factory under development
• WPP is implementing USD NIM microservices in its generative AI-
enabled content creation pipeline for customers such as The Coca-
Cola Company Robotics
OpenUSD to URDF

• A series of new USD connectors opens OpenUSD to more industries.

Siemens will integrate OpenUSD pipelines with its portfolio of
simulation technologies
• NVIDIA also released a connector from Unified Robotics Description
Industrial Design & Engineering
Format to OpenUSD, letting roboticists seamlessly bring their robot Computational fluid dynamics rendering with
data across applications OpenUSD
NVIDIA Accelerates Humanoid
Robotics Development with
New Offerings

• Announced new offerings to accelerate humanoid development at a

global scale including:
• New NVIDIA NIM microservices and frameworks for robot simulation and
learning
• NVIDIA OSMO orchestration service for running multi-stage robotics
workloads, cutting deployment and development cycle times from months
to under a week
• An AI- & simulation-enabled teleoperation workflow that allows developers
to train robots using small amounts of human demonstration data

• The new AI microservices will allow roboticists to enhance simulation

workflows for generative physical AI
• MimicGen NIM generates synthetic motion data based on recorded
teleoperated data from spatial computing devices
• Robocasa NIM generates robot tasks and simulation-ready environments
in OpenUSD
NVIDIA and Global Partners Launch
NIM Agent Blueprints for
Enterprises to Make Their Own AI

• NVIDIA NIM Agent Blueprint is a catalog of pretrained, customizable

AI workflows that equip millions of enterprise developers with a full
suite of software for building and deploying gen AI applications
• The catalog of customizable workflows speeds deployments of core
gen AI use cases, starting with customer service, drug discovery and
data extraction for PDFs, with more to come
• With NIM Agent Blueprints, enterprises can continually refine their AI
applications based on user feedback, creating a data-driven AI
flywheel
• Accenture, Deloitte, SoftServe and World Wide Technology are
bringing NVIDIA NIM Agent Blueprints to enterprises worldwide.
Cisco, Dell Technologies, Hewlett Packard Enterprise and Lenovo are
offering NVIDIA-accelerated infrastructure and solutions to speed
NIM Agent Blueprints deployments
Reconciliation of Non-GAAP to
GAAP Financial Measures
 Reconciliation of Non-GAAP to GAAP Financial Measures
Acquisition-Related Stock-Based
Other Tax Impact of
Non-GAAP and Other Costs Compensation GAAP
(C) Adjustments
(A) (B)

Q2
FY25

$22,729 (118) (40) 3 — $22,574

Gross margin
($ in million)
75.7% (0.4) (0.2) — — 75.1%

Operating income
$19,937 (144) (1,154) 3 — $18,642
($ in million)

Net income
$16,952 (144) (1,154) 195 750 $16,599
($ in million)

Shares used in diluted

per share calculation 24,848 — — — — 24,848
(millions)

Diluted EPS $0.68 — — — — $0.67

A. Consists of amortization of intangible assets and transaction costs.

B. Stock-based compensation charge was allocated to cost of goods sold, research and development expense, and sales, general and administrative expense.
C. Other consists of IP-related costs, gains from non-affiliated investments and publicly-held equity securities, net, and interest expense related to amortization of debt discount.
 Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Acquisition-Related and Stock-Based
Other
Gross Margin Non-GAAP Other Costs Compensation GAAP
(C)
(A) (B)

Q2 FY 2024 71.2% (0.9) (0.2) — 70.1%

Q3 FY 2024 75.0% (0.7) (0.2) (0.1) 74.0%

Q4 FY 2024 76.7% (0.5) (0.2) — 76.0%

Q1 FY 2025 78.9% (0.4) (0.1) — 78.4%

A. Consists of amortization of intangible assets.

B. Stock-based compensation charge was allocated to cost of goods sold.
C. Other consists of IP-related costs.
 Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)

($ in Millions) Q3 FY25 Outlook

Non-GAAP gross margin 75.0%

Impact of stock-based compensation expense, acquisition-related costs, and other costs (0.6%)

GAAP gross margin 74.4%

Non-GAAP operating expenses $3,000

Impact of stock-based compensation expense, acquisition-related costs, and other costs 1,250

GAAP operating expenses $4,250