Analyst outfit DeVere Group CEO Nigel Green has pointed out that Nvidia generated more revenue in a single quarter than the company that manufactures its chips generated in the whole of last year, and yet it still might be underpriced.
For those who have not read the front page, Nvidia reported quarterly revenue of $96.2 billion, up 106 per cent year on year, with Data Centre revenue alone reaching $89 billion, up 117 per cent.
To put that pace in context, a 106 per cent increase means Nvidia’s revenue has more than doubled in a single year, something almost never seen in a company already generating tens of billions of dollars every quarter.
The Data Centre division alone, at $89 billion for the quarter, now generates more in three months than most global corporations generate in an entire year, and it grew even faster than the group as a whole.
TSMC, the firm that physically produces Nvidia’s chips, generated $88.268 billion in 2024, and Nvidia matched that in three months.
Green said: “People have run out of ordinary language to describe growth like that. A growth rate of 106 per cent at this size doesn’t happen by accident, and it rarely happens at all. Companies typically grow fast or grow big. Doing both at once, at this pace and this scale, is exceptionally rare.”
The company also guided to third-quarter revenue of $108 billion, ahead of the roughly $104 billion Wall Street had pencilled in, and gave a first-ever year-ahead forecast pointing to 70 per cent revenue growth through fiscal 2028.
Green flags the size of that beat too. “A $4 billion beat against consensus, in one quarter’s guidance alone, reflects genuine confidence rather than a rounding difference. Companies that are unsure of their own momentum do not guide that far above what the market already expects.”
The deVere CEO argues the scale of that forecast deserves more attention than it is getting.
“Companies this large do not usually hand investors a two-year growth number, because the risk of being wrong is enormous.
“Nvidia just did it anyway, and set the bar at 70 per cent. It signals a company that has seen something extraordinary from customers and decided to say so out loud.”
Perhaps the most striking admission in the entire report was about supply rather than demand. Nvidia indicated it could be growing even faster were it not constrained by the amount of hardware it can physically produce.
“Most companies blame slowing demand when growth cools. Nvidia is doing the opposite, telling investors demand has outrun its ability to build. This is an extraordinary position for any company to be in, let alone one already this large.”
Green welcomes the market reaction, but questions whether it has gone far enough.
“Shares moved higher and futures followed, and that, for me right now, seems the correct direction. What I’m not convinced of yet is whether the market has genuinely absorbed what a 70 per cent two-year growth forecast from a company already this size actually implies for the wider AI supply chain.”
He points to the earlier volatility around the report as evidence investors are still processing the numbers in real time rather than settling on a clear view.
“The share price wobbled in both directions within the same session. Sentiment clearly has not caught up with the substance yet, and that gap is worth watching closely in the weeks ahead.”
The broader question for investors appears to be less about one company and more about the AI infrastructure buildout at the centre of which it sits.
“Every supplier, every partner and every customer named in this report is now operating inside a growth curve most of them did not expect this early, and that, in my view, reshapes the entire AI supply chain and ecosystem, not just one stock,” said Green.
