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Nvidia Earnings Were a Big Deal. Just Not for the Reason Everyone Thinks.

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There is little precedent for a chip maker as large as Nvidia to double its revenue—to $13.5 billion—in one year.

There were two significant developments in the tech world this week that could go a long way to defining the coming year for stocks: Nvidia’s blockbuster earnings and Arm Holding’s IPO filing.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Nvidia CEO Jensen Huang said in the company’s earnings statement. “The race is on to adopt generative AI.” That’s a problem for the rest of the industry. Nvidia’s gain may be other companies’ pain. The latest surveys of chief information officers reveal that technology buyers aren’t expanding their overall budgets to accommodate the increased AI spending, but rather taking dollars from other buckets.

That’s why Arm Holdings’ IPO filing this past week could be a big moment. When it goes public, the listing is likely to be the biggest tech debut in a long time.

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