Records. Lots of them.

That’s what Nvidia reported on Wednesday afternoon, following another lackluster session for Wall Street, where traders are grappling with a nascent slowdown for the previously unflappable US economy.

Revenue for the quarter ended January 26 was $39.3 billion, Nvidia said. That was ahead of the $38.25 billion consensus and up 78% YoY.

The top-line guide was good. The company — still widely regarded as the most important enterprise in the world nearly two years on from the dawn of Jensen Huang’s “new industrial revolution” — said sales should be $43 billion during the current quarter, plus or minus 2%.

Technically, the report counted as a beat and raise, but when the weight of the world’s on your shoulders, “good” sometimes isn’t “good enough.”

For the full year, Nvidia raked in $130.5 billion in sales, more than double the prior year’s haul.

Obviously, this was the company’s first quarterly report since the DeepSeek shock, which prompted a rethink of investor assumptions around AI capex. And AI capex is still synonymous with Nvidia.

For now, things are fine. Better than fine, apparently. Data center revenue in Q4 was $35.6 billion, more than $1.5 billion ahead of estimates.

The figure above’s a reminder of just how rapidly hyper-scalers are… well, scaling.

If there was evidence that the Blackwell wait curbed demand for legacy products or otherwise derailed the train, it wasn’t obvious to this observer. And Huang anyway insisted that the transition from Hopper’s proceeding apace. “We’ve successfully ramped up the massive-scale production of Blackwell, achieving billions of dollars in sales in its first quarter,” he crowed.

Presumably, analysts will get more color on that during the call, but if the question’s about Blackwell demand, the answer’s that it (demand for Blackwell) is “amazing,” to use Huang’s superlative.

Running quickly through the rest of the results, adjusted gross margin (and remember, you want the non-GAAP print there) was 73.5%, in line with estimates, while EPS of $0.89 beat by a nickel. Operating expenses (again, non-GAAP) were $3.38 billion, basically in line.

The margin guide, 71% plus or minus 50bps, was light, but the operating expenses outlook matched estimates at $3.6 billion.

Analysts will parse the call for any suggestion that the Hopper-to-Blackwell baton relay might result in a temporary sales slowdown, but by the sound of things — and by the look of the guide — that’s not what Nvidia’s experiencing or expecting.

Huang said Wednesday that overall, AI is “advancing at light speed.”