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From Issue #001 · Free 30-Second Version
NVIDIA 10-K (FY2025): The Year AI Became a $130 Billion Business
NVIDIA’s annual revenue more than doubled — from $60.9 billion to
$130.5 billion — driven almost entirely by data center AI chips. Gross margins
expanded to over 73%. Customer concentration risk is growing. China export controls
cut a $10B+ market. Competitive response is finally real. The stock buyback program
returned $33.7 billion to shareholders.
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