Figure 1, below, shows Nvidia’s revenue by geographic segment for the last few years. 

As you can see, from the start of 2022 into mid-2023, Nvidia’s largest single market was Taiwan; but even then, the company also had an impressively even spread of revenue among the United States, China, and the rest of the world, too. 

That all changed at the start of this year, when the U.S. first became Nvidia’s primary geographic market — and then peeled away from all others, even as total revenue had also taken off like a rocket. In the space of nine months, the U.S. market had become hugely important for Nvidia’s success. 

Then we get to the really good stuff: Nvidia’s revenue by operating segment. See Figure 2, below. 

Holy silicon! We knew for a while that sales of chips for AI systems (seen in blue above) were leading the charge at Nvidia, but we didn’t appreciate just how much Nvidia has become an AI chip company. Its revenue from AI chips have zoomed into the stratosphere, while a few side businesses still bring in about $3 billion every quarter. 

To put things another way, those non-AI segments at Nvidia are on pace to bring in $12.9 billion in 2024. If Nvidia spun out those rump segments as a stand-alone business (and we can hear you all saying, “Hmmmm, that’s interesting….”), that NewCo would fall smack in the middle of the S&P 500. And it’s the business we’re all squinting to see, compared to the AI chip segment. 

Pulling together this analysis was easy. We simply opened our Footnotes & Disclosure Query page and looked up Nvidia’s operating segments disclosure. Then we hovered our cursor over the relevant tables for a moment until ‘Export tag history’ appeared, and exported. A few quick keystrokes later in Excel, and we had our charts ready for you.