There was a time when Nvidia was a gaming company. That business is now pocket change for the owner and lady of AI

In 1993, Nvidia was founded with the goal of creating graphics chips for video games. For almost three decades Nvidia has been basically that: a semiconductor company for gaming that yes, I had ambition in the field of professional computing. But things change: Nvidia’s gaming business has generated $6.4 billion the first fiscal quarter of 2027and although it is a healthy business, for Nvidia it is something else: It’s almost pocket change.

Gaming no longer (almost) matters. In any other company in the sector, this income (29% more than last year) would already be extraordinary, but at Nvidia they are almost a footnote, because gaming represents less than 8% of the company’s total income. The other $75.2 billion came from the data center business, which grew 92% from the previous year. AI has made Nvidia’s original business almost irrelevant in relative terms.

Stratospheric numbers. Nvidia has earned $81.6 billion in the first fiscal quarter of 2027. It is an absolutely colossal figure that should be put into perspective: it is so large like GDP from Croatia, Panama or Uruguay. The company led by Jensen Huang has managed to grow 85% in revenue since a year ago, almost double. The surprising thing is that it has also done so when it seems increasingly difficult to grow at this rate.

The graph shows year-over-year growth in revenue in percentage. In 2026 the trend is bullish again. Source: FT.

This is non-stop. The company exceeded Wall Street expectations, which projected revenues of 78.86 billion, but Nvidia also states that its forecast for the next quarter is to earn 91 billion dollars, 12% more than the current one. It’s true that growth is slowing in percentage terms, which is normal at this point, but in absolute terms the company continues to add billions of dollars of additional revenue each quarter.

Data center numbers. Those $75.2 billion in data center business aren’t just GPU sales for hyperscalers. It also includes the company’s networking solutions business, which has grown no less than 199% year-on-year to $14.4 billion: it has tripled. The reason is logical: the demand for interconnection infrastructure for the large clusters that are being created everywhere is enormous, and Nvidia provides an ideal solution for those who buy its AI chips.

Beware I, Anthropic is coming. On the call with investors, Jensen Huang gave a singular fact: Anthropic has made virtually no use of Nvidia solutions to train and serve its AI models, but that is going to change. The company’s CEO highlighted that the computing capacity they are going to deploy for Anthropic this year and next is going to be “quite significant.” Or what is the same: they are going to continue selling like hotcakes even if the competition tightens.

Nvidia is also an investor in startups. Nvidia’s strategy is also being curious on a financial level, because it is not content with growing its business, it is betting on AI startups. It has invested more than 26,000 million in investments in this type of companies, and that does not include the recent agreements with OpenAI or in listed companies like corning.

Beware II, China is coming. All these numbers, attention, are being achieved without the help of the Asian giant. In December, the Trump administration authorized Nvidia chip exports to China (with a 25% government fee). Theoretically that should make Nvidia generate notable income thanks to said authorization. Huang explained that at the moment these revenues are zero and that there is some uncertainty about whether China will finally allow its chips to be imported. In the second fiscal quarter of 2027, income from China is not assumed, but if that market finally opens, we will have even more extraordinary numbers.

Buying back shares. Nvidia has returned about $20 billion to shareholders this quarter between buybacks and dividends. The board of directors has approved investing $80 billion more in share buybacks, thus multiplying by four what had previously been authorized. That’s a clear sign of Nvidia’s confidence in its future, which will also benefit shareholders: the dividend has passed from $0.01 per share to $0.25 per share.

Previously, Nvidia offered specific data on gaming revenue. From now on, stop doing so to put that division within the Edge Computing category.

Gaming no longer appears in the accounts. Typically Nvidia’s financial reports divided revenue into data centers, networking, gaming, professional visualization, automotive, and a few other fields. Now that Nvidia is a fully AI-focused company, it has changed its revenue pooling structure. Everything related to gaming, PCs, consoles, workstations, robots, cars and other devices is part of the “Edge Computing” category. Gaming, we insist, no longer (almost) matters.

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