Nvidia's first-quarter guidance exceeded expectations.

NVIDIA's fourth-quarter 2025 fiscal year earnings showed that despite a slowdown in revenue growth, it still set a new high, mainly due to the ongoing AI spending boom. Although the growth rate was the lowest in two years, it still exceeded market expectations. The strong sales of the new generation Blackwell AI chips brought in over $10 billion in the first quarter, showcasing its strong competitiveness in the AI field.

The fourth-quarter revenue was US$39.3 billion, up 78% YoY, higher than expectations. The EPS was US$0.89, up 71% YoY, higher than expectations. The gross margin was 73.5%, down 3.2 percentage points YoY, in line with expectations. The revenue from data centers was US$35.6 billion, up 93% YoY, higher than expectations. The revenue from gaming and AI PCs was US$2.5 billion, down 11% YoY, lower than expectations, mainly affected by the chip supply constraints. The revenue from automotive and robotics was US$570 million, up 27% YoY, higher than expectations.

The first-quarter revenue is expected to be US$43 billion, higher than analysts' expectations. The gross margin is expected to be 70.6% to 71.0%, slightly lower than analysts' expectations.

The strong demand for Blackwell chips has already brought in billions of dollars in the first quarter, mainly from large cloud service providers. NVIDIA CEO Jensen Huang said that AI is developing at light speed, and the Blackwell chips have laid the foundation for the next wave of AI revolution.