Nvidia’s stronger-than-expected earnings and bullish AI outlook lifted Bitcoin mining stocks tied to data center and high-performance computing demand, even as the chipmaker’s shares slipped on concerns about future growth.
Nvidia (NVDA) delivered another record quarter on Wednesday, driven by surging demand for artificial intelligence infrastructure that pushed revenue, profits, 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 expectations of $78.9 billion, according to FactSet data. Adjusted earnings came in at $1.87 per share, beating estimates of $1.76. Nvidia also issued stronger-than-expected guidance, forecasting about $91 billion in revenue for the current quarter.
On capital returns, Nvidia’s board approved an additional $80 billion in share buybacks and raised its quarterly dividend to 25 cents per share from 1 cent, signaling strong confidence in long-term cash generation.
Despite the beat on earnings and upbeat outlook, Nvidia shares fell around 1.5% in after-hours trading as investors weighed potential headwinds to sustained growth and rising competition in the AI chip market.
Bitcoin miners with exposure to AI and high-performance computing infrastructure reacted positively. Core Scientific (CORZ) and Cipher Mining (CIFR) both rose modestly in after-hours trading, as investors continued to view select miners as potential beneficiaries of expanding demand for data center capacity, power infrastructure, and AI compute. IREN (IREN) initially gained before turning slightly lower.
CEO Jensen Huang emphasized the scale of the ongoing infrastructure buildout, saying the rise of “AI factories” represents one of the largest infrastructure expansions in history. He added that “agentic AI” is already generating real productivity gains and scaling rapidly across industries.
For Bitcoin miners pivoting toward data center and AI-related operations, Nvidia’s results provided further validation of that strategy. The company’s Data Center segment remains its primary growth engine, fueled by heavy spending 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 growing 12% quarter-over-quarter, according to CFO Colette Kress. The remaining $37 billion came from Nvidia’s ACIE segment, which includes AI cloud providers, industrial users, and enterprise customers.
Kress also noted that AI cloud revenue has more than tripled year-over-year, supported by rapid scaling across more than 80 data centers with capacities above 10 megawatts. She added that demand for Nvidia’s systems remains strong, with the company expecting about $20 billion in CPU revenue this year.
Nvidia said its outlook excludes any Data Center revenue from China due to ongoing U.S. export restrictions on advanced AI chips.
Investors continue to treat Nvidia’s earnings as a key gauge of AI infrastructure demand, especially amid questions over how quickly companies can monetize their massive spending. For now, results suggest demand remains robust and continues to outpace expectations, supporting the outlook for data center operators and AI-linked Bitcoin miners.
