NVIDIA's $108b Quarter
NVIDIA is now financing more of the demand behind its record run-rate.
Tunguz writes that Q2 revenue hit $96b, with Q3 guided to $108b, a level no semiconductor company has reached in a quarter. The mix is changing: hyperscale revenue rose 13% sequentially, while ACIE revenue rose 25%, putting more of the net-new data center growth on neoclouds and other non-hyperscalers. That matters because receivables grew much faster than revenue, with DSO jumping from 45 to 60 days after years in the mid-40s. The piece frames next quarter’s DSO as the tell: flat or lower suggests a reset; higher suggests NVIDIA is extending more credit to keep demand moving. Tomasz Tunguz's note
Tunguz writes that Q2 revenue hit $96b, with Q3 guided to $108b, a level no semiconductor company has reached in a quarter. The mix is changing: hyperscale revenue rose 13% sequentially, while ACIE revenue rose 25%, putting more of the net-new data center growth on neoclouds and other non-hyperscalers. That matters because receivables grew much faster than revenue, with DSO jumping from 45 to 60 days after years in the mid-40s. The piece frames next quarter’s DSO as the tell: flat or lower suggests a reset; higher suggests NVIDIA is extending more credit to keep demand moving. Tomasz Tunguz's note
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