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Since the AI boom, the key drivers of Nvidia’s (NVDA) revenue have shifted significantly.

Today, data center processors for analytics and AI have quickly become Nvidia’s largest source of revenue, surpassing the company’s historical main business line of GPUs (graphic processing units). Given the surging demand for hardware that drives AI models, Nvidia’s revenues reached $22.1 billion in the last quarter—a 265% jump from the year before.

This graphic breaks down Nvidia’s revenue by product line, based on Affinity data powered by Syntax.

A Closer Look at Nvidia’s Revenue Sources

Here are the five main revenue channels for America’s largest chipmaker:

Nvidia’s data center business has witnessed explosive growth, accelerating 409% compared to the fourth quarter of last year.

The analytics and AI unit includes H100 graphics cards that power AI systems, each made up of 80 billion transistors that allow it to compute vast amounts of data used in training large language models. Big tech companies are spending billions on these graphic cards in order to power their computing infrastructure. Meta, for instance, plans to use 350,000 H100 graphics cards in 2024 alone.

The next biggest source of revenue are GPUs for computers, making up 17.1% of total revenues. Nvidia played a key role in developing these specialized chips which are an important component in PCs. Together, these two product lines make up 95.1% of Nvidia’s revenues, while GPUs for 3D visualization and automotive generate only a fraction of all revenues.

Looking ahead, Nvidia’s graphics chips will likely make up a greater share of revenues as demand continues to grow. In fact, the company recently stated that its facing challenges in keeping up with demand and that it is working to allocate chips fairly across customers, prioritizing those that are able to put them to use immediately.

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