Earnings Intel 2.28.25

Takeaways for CEOs from this week's earnings calls, including NVIDIA, Workday, Salesforce, and more.

If this week’s roundup has a theme, it’s the unsurprising one that AI continues to dominate corporate strategy. As NVIDIA’s Jensen Huang said, “AI is everywhere.” Yes, even at non-tech companies like Lowe’s, which is launching a virtual advisor with OpenAI, as you’ll see below.

At the same time, these calls reflect steady but slowing overall growth, with a few hints of consumers being more selective in their spending.

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NVIDIA

Q4'25 Earnings Call

• NVIDIA Is Still a Money Machine: Q4 hit $39.3 billion (up 78% YoY), and FY25 was $130.5 billion (up 114%).

• Blackwell Takes Off: $11 billion in Q4 from NVIDIA’s new Blackwell chip, its fastest ramp ever. AI demand is insane. They’re shipping 100,000+ GPU clusters.

• Margins Dip, Then Recover: Gross margins at 73.5% now, dropping to 71% in Q1, but expected back to mid-70s by late FY26. Scaling pains, but they’ll bounce back.

• China Demand Still Weak: Export controls have halved China sales, but enterprise AI adoption is picking up the slack.