TLDR
- Nvidia reported Q1 revenue of $81.62 billion, up 85% year-over-year, beating Wall Street estimates
- Data Center revenue hit $75 billion and now makes up over 90% of Nvidia’s total revenue
- Nvidia forecast ~$91 billion in Q2 revenue and announced an $80 billion stock buyback
- Bitcoin miners Core Scientific and Cipher Mining rose modestly after the results
- Despite strong earnings, Nvidia stock fell around 1.5% on competition concerns
Nvidia delivered another record quarter, and the results are rippling through the crypto mining sector as companies that have shifted toward AI infrastructure look like possible winners from the AI spending boom.
Nvidia Posts Record Revenue Driven by AI Demand
Nvidia reported first-quarter revenue of $81.62 billion, up 85% from $44.06 billion a year ago. That beat Wall Street’s estimate of $78.9 billion. Adjusted earnings came in at $1.87 per share, ahead of the $1.76 analysts expected.
Nvidia Earnings Smash Expectations 🚀
Nvidia $NVDA delivered another huge AI-driven quarter, with revenue, EPS, data center sales and guidance all coming in ahead of Wall Street forecasts ⚡ pic.twitter.com/BjjN9d80SK
— Wall St Alpha (@WallStAlphaPro) May 21, 2026
Data Center revenue reached $75 billion for the quarter, now accounting for more than 90% of total company revenue. Nvidia reorganized its reporting into two segments — Data Center and Edge Computing — to reflect how central that business has become.
Hyperscalers made up more than half of Data Center revenue, generating around $38 billion. The rest came from AI cloud providers, industrial customers, and enterprise markets. AI cloud revenue more than tripled from a year earlier.
Nvidia forecast revenue of roughly $91 billion for the current quarter. The company also authorized an $80 billion stock buyback and raised its quarterly dividend from 1 cent to 25 cents per share.
Despite all of that, Nvidia stock fell around 1.5% after the report. Investors appear focused on longer-term questions about competition in the AI chip market.
Nvidia said its guidance does not include any Data Center compute revenue from China, where U.S. export restrictions limit sales of advanced chips.
CEO Jensen Huang called the AI infrastructure buildout “the largest infrastructure expansion in human history” and said agentic AI is now generating real business value.
Bitcoin Miners With AI Exposure See Gains
Bitcoin miners that have been building out AI and high-performance computing infrastructure saw modest gains in after-hours trading following the report.
Core Scientific and Cipher Mining each rose slightly. IREN moved up initially but was down about 1% by the time of publication.
These miners have been shifting away from pure Bitcoin mining toward leasing GPU infrastructure to AI companies and data center operators. That pivot is driven by the margin differences between the two businesses, with AI hosting generally offering more stable returns than mining revenue tied to Bitcoin’s price.
Core Scientific emerged from bankruptcy and has repositioned itself as a high-performance compute provider with contracts tied to AI workloads. Hut 8 has followed a similar path, using its energy assets and data center experience to attract non-mining clients.
Miners hold a potential advantage in power procurement and permitting, two of the slowest parts of building new data centers. But they are competing against Amazon, Microsoft, and Google, which have far more capital.
The AI infrastructure market is projected to reach $3 to $4 trillion by the end of the decade.
Bitcoin has been trading between $77,000 and $94,000, with ETF inflows slowing from earlier in the year.
Nvidia’s results suggest AI infrastructure spending continues to grow, which could support miners that have successfully made the transition to data center services.
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