Nvidia's data-center networking could outpace its GPUs

Nvidia’s fastest-growing business may be its data-center networking, not its chips. The company’s networking play—encompassing Spectrum-X, InfiniBand, NVLink and NVLink Fusion—generated about $15 billion last quarter and could approach $17 billion next quarter, with networking growth near 200% year over year versus roughly 77% for compute. Analysts expect networking to still outpace compute (about 134% vs 100%), highlighting Nvidia’s aim to be a one-stop AI infrastructure provider as hyperscalers design their own chips. Investors will watch how Jensen Huang addresses networking demand and how much of the AI system Nvidia can capture beyond GPUs in the upcoming earnings report.