Since the explosive rise of ChatGPT, demand for AI infrastructure has surged—
and no company has benefited more than NVIDIA.
With its dominance in the GPU market and a fully integrated AI ecosystem, NVIDIA has become the backbone of the AI era.
In this post, we’ll break down NVIDIA’s latest earnings, its AI moat, and how it stacks up against competitors.
⸻
1. Latest Earnings Snapshot (Q4 FY24)
| Category | Value | YOY Growth | vs. Expectations |
| Ravenue | $22.1B | +265% | Beat |
| Net Income | $12.3B | +769% | Beat |
| Data Center Revenue | $18.4B | 409% | Beat |
NVIDIA crushed expectations again in its Q4 FY24 earnings (reported Feb 2025),
driven largely by the booming demand for AI training GPUs in its Data Center segment, which now accounts for over 80% of revenue.
2. Why NVIDIA Dominates the AI Space
(1) A Full-Stack AI Ecosystem
NVIDIA isn’t just a chipmaker.
It provides the entire AI stack: GPU hardware + CUDA software + high-speed networking + server platforms (HGX).
This ecosystem is what makes NVIDIA essential to modern AI workloads.
(2) Big Tech Can’t Get Enough
• Microsoft (MSFT) – Azure AI infrastructure
• Amazon (AMZN) – Despite Trainium, still relies heavily on NVIDIA
• Meta (META) – Ordered 350,000 H100s in 2024 alone
• Tesla (TSLA) – Uses NVIDIA GPUs for autonomous driving model training
3. AI Infrastructure: Top 5 Companies (as of 2025)
Company Key Product AI Performance Ecosystem Maturity Market Share
NVIDIA H100, GH200 Industry-leading Very High ~80%
AMD MI300 Series High Medium 10–15%
Intel Gaudi2, Gaudi3 Medium Low ~5%
Google TPU v5 High (internal use) Closed Niche
Tesla Dojo Specialized Proprietary Experimental
NVIDIA’s unique strength is owning the full AI compute stack.
Competitors may catch up in raw performance, but none offer a comparable ecosystem.
4. Risks to Watch
• Customer Concentration: Relies heavily on a few Big Tech clients
• Rising Competition: AMD, Intel, and even in-house chips from hyperscalers
• Supply Chain Dependency: Still relies on TSMC for manufacturing
Despite these risks, NVIDIA remains the “picks and shovels” provider of the AI gold rush.
5. Final Thoughts
NVIDIA isn’t just a semiconductor company—it’s a platform.
As of 2025, it continues to lead the charge in AI with unmatched performance, ecosystem, and mindshare.
In the age of artificial intelligence, all roads still lead to NVIDIA.
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