(BFM Stock Exchange) – The graphic processor specialist has delivered results above expectations for quarter from February to April. For the current quarter, NVIDIA said that $ 8 billion in revenues would be lost due to the US China’s export to export. But the group should still display growth of almost 50%.

The market did not wait for Nvidia’s publication with the greatest serenity. The results of the graphic processor specialist (GPU) are always fiercely followed by investors, because these accounts allow the pulse of demand for artificial intelligence technologies (IA). NVIDIA GPUs give the necessary computing power to training and development of large generative AI language models (LLM), such as Chatgpt or Gemini.

The surge in the use of these technologies has enabled Nvidia to multiply, in three years, its income by almost five and its profits by 7.5.

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However, Nvidia’s ascent has recently struck geopolitical tensions. On April 9, the Trump administration introduced export restrictions of the Nvidia H20 fleas, less powerful AI chips for the Chinese market. Nvidia now needs a license from the American administration to be able to export these chips, which is concretely amounts to prohibiting these exports.

Due to these restrictions which will result in billions of dollars of income loss for the company, Bank of America feared, last week, that Nvidia communicated disappointing prospects for the second quarter of the 2025-2026. The bank warned that the company could deliver a income target of only $ 41 billion, far from the market expectations, housed around $ 45-46 billion.

Ultimately, this black scenario did not occur and the company founded by Jensen Huang has, on the contrary, reassured investors. “Wall Street impatiently awaited the results of Nvidia, and the Titan of AI has not disappointed,” summarizes Stephen Innes of Spi Am. In post-market exchanges in New York, the action resumed 4.9% after the publication of its results. In preview this Thursday, the title takes 5%.

A load of $ 4.5 billion

In the first quarter of its 2025-2026 financial year, NVIDIA generated income of $ 44.1 billion, up 69% over a year and 12% in quarterly pace. Revenues from its data centers division, the one that benefits from the development of AI, jumped 73% over one year to 39.1 billion dollars. NVIDIA explains that restrictions on its H20 fleas have entrenched $ 2.5 billion in its turnover.

The gross margin fell to 61% against 78.9% a year earlier but this tumble is due to an exceptional load of $ 4.5 billion in depreciation of H20 flea stocks, which the company can therefore no longer sell in China. The profit per share has been 81 cents, up 33% over a year. Without the load previously mentioned, this figure would have risen to 96 cents.

NVIDIA has exceeded revenue expectations, housed at $ 43.4 billion, according to a consensus cited by Bank of America. For the benefit by action, analysts tabbed on 88 cents, a figure which did not take sufficient account the impact of restrictions on H20 fleas. Bank of America held 75 cents.

Regarding its forecasts for the second quarter, the point which crystallized the fears of the market, Nvidia indicated to anticipate income of $ 45 billion, a figure, of course, less than $ 46.4 billion on which analysts tab for.

However, this amount remains largely above $ 41 billion feared by Bank of America. And Nvidia remains growing. This target of $ 45 billion implies an increase in income of 49% over a year and 2% in quarterly pace.

Above all, Nvidia said that H20 flea restrictions would result in a loss of income of $ 8 billion in this quarter. Analysts were waiting for an impact closer to 2 billion.

The warning of Jensen Huang

In other words, the prospects delivered by the company are frankly reassuring. “Assuming that the restrictions imposed by Trump on China have never taken place, the figures for this quarter would be around 53 billion dollars, which testifies to the massive historical demand that Nvidia sees manifest on a global scale as part of the AI ​​revolution,” enthuses Dan Ives de Wedbush.

Gene Munster, manager at Deepwater AM, recalls that consensus awaited, before announcements on H20 fleas, $ 48 billion in income, much less than $ 53 billion.

Jensen Huang, the director general of the company, assured that the demand remained “strong” and even “incredible” for Blackwell, the new architecture of graphic processors, more powerful and more economical in energy.

“In summary, the exceptional quarter of Nvidia brought exactly what the markets hoped: the confirmation that, despite the intensification of geopolitical storms, the title monarch of the chips of the IA remains resistant, agile and firmly anchored as an undisputed angular stone of the megatendance of the AI”, concludes Stephen Innes of Spi.

On the occasion of the publication of these results, Jensen Huang spoke about American restrictions. The leader took the opportunity to make a warning about China’s technological prowess in artificial intelligence.

“The question is not whether China will have AI. This is already the case. The question is whether one of the largest AI markets in the world will work on an American platform,” he said. “Half of IA researchers are based there (…) China is a springboard for worldwide success. Today, however, the Chinese market of $ 50 billion is, in fact, closed to American industry,” he also said.

“Chinese AI is advancing with or without American chips. It has the power of calculation to train or develop advanced models,” he warned. “Protecting the manufacturers of Chinese chips from American competition only strengthens them and weakens the position of the United States. Export restrictions have stimulated innovation and scale of China,” said the leader.

“The United States has based its policy on the hypothesis that China cannot do IA fleas. This hypothesis has always been questionable and, now, it is clearly wrong, China has enormous manufacturing capacities,” said Jensen Huang, adding that the “world leadership of the United States in IA infrastructures is at stake”. For him, the restrictions should strengthen the American platforms of AI and not “drive half of the Talents of AI in the world towards rivals”.

“His frank remarks underline a permanent strategic dilemma: while Nvidia today dominates the battlefield of the fleas of AI, too aggressive a policy risks giving more power to his future rivals abroad,” observes Stephen Innes.