NVIDIA guides 95% revenue growth, fourth straight quarter of acceleration

NVIDIA reported its April quarter on May 20 with revenue up 85% year-over-year, 12 percentage points above the January quarter's growth rate, and guided to roughly 95% growth in the current (July) quarter. The Information's briefing flagged this as the fourth consecutive quarter of accelerating — not merely sustained — growth, a pattern that's rare at this revenue scale and directly contradicts the narrative that AI infrastructure spend is plateauing.

The number lands against a complicated backdrop. Just two days earlier, NVIDIA stock fell 9% on news that Anthropic committed $200B to Google TPUs and Amazon's Trainium hit $225B in revenue commitments — both reads as 'hyperscalers diversifying away from NVIDIA.' Reuters' preview noted analysts also worry about the workload mix shifting from training (NVIDIA-dominant) to inference (where AMD, Trainium, and TPU economics close the gap). Yet the guide says customers are still buying GPUs faster than NVIDIA can ship them.

Downstream signals reinforce the bull case. At Dell Tech World, AMD and Dell argued agentic workloads are driving a 320x rise in token consumption, pushing enterprises to rebuild data centers around 'AI factories.' Dell unveiled an NVIDIA-equipped AI Factory plus Deskside Agentic AI workstations targeting that demand. Challenger Zyphra is raising $500M to train models entirely on AMD hardware, but that's a single $500M check against NVIDIA's tens of billions in quarterly bookings.

What to watch: the gross margin trajectory and the Blackwell-to-Rubin transition. Accelerating revenue with compressing margins would mean NVIDIA is buying share with price cuts; accelerating revenue with stable margins means demand still exceeds supply. The 95% guide implies the latter — but the next two earnings prints, against tougher comps, will be the real test.