NVIDIA Corp Q4 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: CJ Muse - Cantor Fitzgerald & Co. - Analyst : I guess for me, Jensen, as test-time compute and reinforcement learning shows such promise, we're clearly seeing an increasing blurring of the lines between training and inference, what does this mean for the potential future of potentially inference dedicated clusters? And how do you think about the overall impact to NVIDIA and your customers? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 10:00PM, NVDA.OQ - Q4 2025 NVIDIA Corp Earnings Call

Question: Joe Moore - Morgan Stanley & Co. LLC - Analyst : Morgan Stanley, actually. Thank you. I wonder if you could talk about GB200 at CES, you sort of talked about the complexity of the rack level systems and the challenges you have. And then as you said in the prepared remarks, we've seen a lot of general availability -- where are you in terms of that ramp? Are there still bottlenecks to consider at a systems level above and beyond the chip level? And just have you maintained your enthusiasm for the NVL72 platforms? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 10:00PM, NVDA.OQ - Q4 2025 NVIDIA Corp Earnings Call

Question: Vivek Arya - BofA Global Research - Analyst : Colette, if you wouldn't mind confirming if Q1 is the bottom for gross margins? And then Jensen, my question is for you. What is on your dashboard to give you the confidence that the strong demand can sustain into next year? And has DeepSeek and whatever innovations they came up with, has that changed that view in any way? .

Question: Harlan Sur - JPMorgan Chase & Co. - Analyst : Your next-generation Blackwell Ultra is set to launch in the second half of this year, in line with the team's annual product cadence. Jensen, can you help us understand the demand dynamics for Ultra given that you'll still be ramping the current generation Blackwell solutions? How do your customers and the supply chain also manage the simultaneous ramps of these two products? And is the team still on track to execute Blackwell Ultra in the second half of this year?

Question: Timothy Arcuri - UBS Securities LLC - Analyst : Jensen, we heard a lot about custom ASICs. Can you kind of speak to the balance between customer ASIC and merchant GPU. We hear about some of these heterogeneous superclusters to use both GPU and ASIC? Is that something customers are planning on building? Or will these infrastructures remain fairly distinct? Thanks.

Question: Ben Reitzes - Melius Research LLC - Analyst : Hey Jensen, it's a geography-related question. you did a great job explaining some of the demand underlying factors here on the strength. But US was up about $5 billion or so sequentially. And I think there is a concern about whether US can pick up the slack if there's regulations towards other geographies. And I was just wondering, as we go throughout the year, if this kind of surge in the US continues and it's going to be -- whether that's okay? And if that underlies your growth rate, how can you keep growing so fast with this mix shift towards the US? Your guidance looks like China is probably up sequentially. So just wondering if you could go through that dynamic and maybe Colette can weigh in. Thanks a lot.

Question: Mark Lipacis - Evercore ISI - Analyst : I had a clarification and a question. Colette up for the clarification. Did you say that enterprise within the data center grew 2x year-on-year for the January quarter? And if so, does that -- would that make it the fast faster growing than the hyperscalers? And then, Jensen, for you, the question, hyperscalers are the biggest purchasers of your solutions, but they buy equipment for both internal and external workloads, external workloads being cloud services that enterprise is used. So the question is, can you give us a sense of how that hyperscaler spend splits between that external workload and internal? And as these new AI workflows and applications come up, would you expect enterprises to become a larger part of that consumption mix? And does that impact how you develop your service, your ecosystem.

Question: Aaron Rakers - Wells Fargo Securities, LLC - Analyst : Jensen, I'm curious as we now approach the two-year anniversary of really the Hopper inflection that you saw in 2023 in Gen AI in general. And when we think about the road map you have in front of us, how do you think about the infrastructure that's been deployed from a replacement cycle perspective? And whether if it's GB300 or if it's the Rubin cycle where we start to see maybe some refresh opportunity? I'm just curious how you look at that.

Question: Atif Malik - Citigroup Global Markets Inc. - Analyst : I have a follow-up question on gross margins for Colette. Colette, I understand there are many moving parts that Blackwell yields, NVLink 72 and Ethernet mix. And you kind of tipped to the earlier question, the April quarter is the bottom, but second half would have to ramp like 200 basis points per quarter to get to the mid-70s range that you're giving for the end of the fiscal year. And we still don't know much about tariff's impact to broader semiconductor. So what kind of gives you the confidence in that trajectory in the back half of this year?