Nvidia’s stronger-than-expected earnings and upbeat artificial intelligence outlook lifted shares of Bitcoin miners tied to data center and high-performance computing infrastructure, even as the chipmaker’s own stock slipped on concerns about future growth.
Nvidia (NVDA) delivered another record-breaking quarter on Wednesday, driven by surging demand for AI infrastructure that pushed revenue, earnings, and cash flow to all-time highs.
The company reported first-quarter revenue of $81.62 billion, up 85% from $44.06 billion a year earlier and above Wall Street estimates of $78.9 billion, according to FactSet. Adjusted earnings came in at $1.87 per share, beating expectations of $1.76. Nvidia also issued stronger-than-expected guidance, forecasting roughly $91 billion in revenue for the current quarter.
On the capital return side, Nvidia’s board approved an additional $80 billion in share buybacks and increased its quarterly dividend to 25 cents per share from 1 cent, signaling confidence in its long-term cash generation.
Despite the strong results and shareholder-friendly announcements, Nvidia shares fell about 1.5% in after-hours trading, as investors focused on longer-term concerns around slowing growth momentum and increasing competition in AI chips.
Bitcoin mining stocks with exposure to AI and high-performance computing infrastructure reacted positively to the report. Core Scientific (CORZ) and Cipher Mining (CIFR) both edged higher in after-hours trading, as investors continued to re-rate miners as potential beneficiaries of expanding data center demand, power capacity buildouts, and AI compute infrastructure. IREN (IREN) initially gained but later turned slightly lower.
CEO Jensen Huang highlighted the scale of the ongoing infrastructure cycle, saying, “The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed.” He added that “agentic AI has arrived,” emphasizing its growing role in generating real economic value across industries.
For Bitcoin miners shifting toward data center and AI-related business models, Nvidia’s results offered further validation of that strategy. The company’s Data Center segment remains the primary growth engine, fueled by accelerating investment from cloud providers, enterprises, and governments.
Hyperscalers accounted for more than half of Nvidia’s $75 billion Data Center revenue during the quarter, contributing roughly $38 billion and rising 12% sequentially, according to CFO Colette Kress. The remaining $37 billion came from Nvidia’s ACIE segment, which includes AI cloud providers, industrial customers, and enterprise demand.
Kress noted that AI cloud revenue has more than tripled year-over-year, supported by rapid expansion across more than 80 data centers with capacities above 10 megawatts. She added that demand for Nvidia’s computing systems remains strong and that the company expects around $20 billion in CPU revenue this year.
Nvidia also said its outlook excludes any Data Center revenue from China due to ongoing U.S. export restrictions on advanced AI chips.
Investors have been closely watching Nvidia’s earnings as a barometer for whether AI infrastructure spending can sustain its rapid growth trajectory amid concerns about profitability timelines. So far, results continue to show demand running ahead of expectations, reinforcing optimism for companies exposed to AI-driven data center expansion, including select Bitcoin miners.
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