NVIDIA CFO talks $5B AI GPU revenue in China, GB300 ramp up, next-gen Vera Rubin AI GPU demand

NVIDIA CFO Colette Kress has discussed the ongoing geopolitical issues between the US and China, its H20 AI GPU, new Blackwell Ultra GB300 system, and next-gen Vera Rubin AI platform at the recent Goldman Sachs Communacopia + Technology Conference.

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Kress said that the geopolitical issues between the United States and China are affecting NVIDIA's ability to recognize revenues made from its H20 AI GPU to China, where the NVIDIA CFO said that the company has received H20 licenses from the Trump administration, and could account for around $5 billion in revenue from H20 AI GPU sales in Q3 2025.

Kress started out her talk with NVIDIA data center revenues and its growth, despite removing its H20 AI GPU sales from the mix, where the NVIDIA CFO said if we look at NVIDIA's revenues -- including data center and networking -- there's a 12% sequential, or quarter-over-quarter growth in Q2 2025.

She said: "what we're targeting right now for Q3 is our outlook is a 17% growth sequentially", indicating that NVIDIA is noticing a massive surge in demand for its AI products in the months (and year) ahead. Kress said that apart from the demand for its GB200 AI server racks, NVIDIA is "also at scale" with its new GB300 AI servers.

GB300 scaling so fast surprised Kress, where she noted that a lot of "discussion that said, I didn't know that would actually be a big part". Kress continued, saying that the scale up "was seamless, it was a seamless transition that many people didn't understand the amount of scale and volume we were actually able to put into market as well".

When it came to NVIDIA's next-gen Vera Rubin AI hardware, Kress said "Rubin is on a path and that one-year cadence is going to be a journey we're ready to take on with Rubin. So Vera Rubin, six chips, all of them taped out". Kress added that as part of NVIDIA's efforts to prepare data center operators to integrate Rubin, NVIDIA has "already had discussions to where we probably will see several gigawatts needs for our Vera Rubin" and have "penciled that in so even way before it's even ready to go to market, we already are seeing gigawatts worth of needs as we go forward".

Kress said NVIDIA is looking to make massive AI systems because: "and so we are looking at our position of creating a data center scale that can do the most performant but the most performant per watt and the most performant per dollars, as well. That wattage is such an important thing. Right now you can decide whether or not capital or power is more important. In respects [inaudible] they both are tremendously important".

She continued: "But when you are purchasing any type of large system as we are, you have to keep in mind, you will be using power throughout the journey of owning that full cluster, four, six years or even further. So having that high performance is going to be very important to make sure you are properly addressing that power that is going to be needed for that. So we stand very strong in terms of how we thought about that transition and moving to a full data center scale solution".

"Some of them focus at it in terms of it's a rack scale type of capability. Where we put all of the different chips together so that they would be working together, be optimized together, in terms of the right performance. So we feel very good with our plan".