The report raised fears about the sustainability of AI infrastructure growth. That could mean less demand for Nvidia’s chips. TD Cowen’s Michael Elias said his team’s finding points to “a potential oversupply position” for Microsoft. Shares of Nvidia fell 4% on Friday.

This is Nvidia’s first earnings report since a Chinese upstart, DeepSeek, upended the artificial-intelligence industry by saying it has developed a large language model that can compete with big U.S.

Follow here for news and analysis of Nvidia's fourth-quarter earnings report, call with management, and stock reaction.

Alibaba, ByteDance, and Tencent are driving demand for NVIDIA H20 chips, fueling China’s AI boom despite U.S. export restrictions.

Nvidia, the chip giant at the heart of the artificial intelligence (AI) boom, said business remained strong, despite fears of a bubble stirred by the launch of Chinese AI firm DeepSeek's launch on the scene last month.

Nvidia's NVDA.O strong growth forecast for the first quarter on Wednesday signaled that booming demand for its artificial intelligence chips was intact, and the company said orders for its new Blackwell semiconductors were "amazing.