&imwidth=800&imheight=600&format=webp&quality=medium "Nvidia profits surge, but China’s H20 chip remains unsold")
Nvidia delivered a blockbuster Q2 with $46.7 billion in revenue and net profit of $26.4 billion, both up sharply on a year earlier. Demand for its AI chips, especially the Blackwell line, drove growth. Yet, the company still shipped no H20 chips to China, as negotiations and regulations remain unresolved.
Powerful numbers, powered by AI chips
In Q2, Nvidia’s revenue rose 56 per cent year-on-year, with net profit climbing 59 per cent . Data centre sales soared to $41.1 billion, powered in large part by the Blackwell platform with $27 billion directly attributed to Blackwell sales.
Nvidia also approved a massive $60 billion share buyback, reflecting strong cash flow and investor focus on shareholder returns.
China remains off-limits for H20 chips
Despite U.S. approval under a 15 per cent revenue-sharing deal, Nvidia shipped zero H20 chips to China in Q2. CFO Collette Kress explained that the company is still awaiting full regulatory clarity. Meanwhile, $650 million worth of H20 chips were sold outside China.
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This absence likely shaved off $4-$8 billion in Q2 revenue potential.
Optimistic forecast, cautious outlook
For Q3, Nvidia projects $54 billion in revenue ±2 per cent, ahead of analyst expectations (~$53.14 billion). However, shares fell by 3-5 per cent in after-hours trading, as investors eyed the China uncertainty and signs of data-centre momentum occasionally cooling.
Despite this, CEO Jensen Huang remains bullish. He describes a “new industrial revolution” and expects $3-$4 trillion in AI infrastructure spending by 2030.
