Nvidia's biggest quarter ever came with a warning buried in its filings.
Its top customers are now becoming rivals.
Even so, Wall Street got huge numbers - just not huge enough to keep the stock from slipping in late trade.
Revenue: $81.62 billion - an 85% jump year over year.
Net income more than tripled to $58.32 billion ($2.39 per share, up from $0.76 the year before).
Profit margins held at 75%, meaning Nvidia keeps 75 cents of every dollar in sales.
Guidance for the current quarter came in at $91 billion - about $4 billion above Wall Street's call.
That bakes in zero data center sales from China, where Nvidia has been mostly shut out since April.
Data center is now 92% of Nvidia's business, with $75.2 billion in sales - nearly double last year's haul. Big cloud firms like Amazon and Microsoft made up more than half of that.
The board also okayed $80 billion in stock buybacks and bumped the quarterly payout to 25 cents from 1 cent.
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Tucked into the quarterly filing was a quiet line about new rivals.
Some of Nvidia's customers are now designing their own chips - built for one job, faster and cheaper than the all-purpose chips Nvidia sells.
The customers Nvidia didn't have to name out loud: Google, Amazon, Meta, and Microsoft.
Each of these big cloud firms, driving half of Nvidia's quarterly data center sales, is now rolling out its own AI chips.
Meta showed off four of its own designs in March. Google is spinning up a new AI firm built around its in-house chips, with Blackstone putting in $5 billion.
The risk isn't that Nvidia loses these customers tomorrow. It's that the long-term ceiling on demand looks lower than it did six months ago.
While the headlines focus on GPUs, Nvidia is quietly building a CPU business.
The Vera CPU is the main chip that pairs with Nvidia's Rubin GPUs. It opens a $200 billion market now owned by Intel and AMD, and CFO Colette Kress expects $20 billion in CPU sales this year alone.
The full Vera Rubin system pairs 72 Rubin GPUs with 36 Vera CPUs, running about 10 times more efficient per watt than Grace Blackwell - the system it replaces.
CEO Jensen Huang said Nvidia expects to be short on Vera Rubin supply through the whole life of the product.
"Demand has gone parabolic," Huang told analysts on the call, crediting the arrival of agentic AI.
Agentic AI is the next phase of AI - models that don't just answer questions, but take actions on their own.
Five customers still drive about half of Nvidia's sales, according to Gabelli Funds' John Belton.
That weight is the same reason the 10-Q warning matters.
Memory prices are climbing too. Renting an H100 chip is up 20% this year. A100 cloud pricing is up about 15%.
Nvidia is saving what supply is left for AI customers, which is part of why Gartner expects PC prices to rise 17% in 2026.
For now, the AI buildout is doing all the work. The question Wall Street will start asking is what Nvidia looks like once its biggest customers stop needing it as much.
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