Nvidia’s Quarterly Revenue Tops TSMC’s Full-Year 2024 Sales as AI Growth Accelerates

Nvidia reported $96.2 billion in quarterly revenue, more than TSMC generated across all of 2024, prompting deVere Group CEO Nigel Green to argue that investors may still be underestimating the scale of the AI infrastructure boom.

Nvidia’s latest results have produced an unusual comparison: the chip designer generated more revenue in a single quarter than Taiwan Semiconductor Manufacturing Company, the manufacturer behind many of its chips, generated across an entire year.

According to figures highlighted by deVere Group, Nvidia reported quarterly revenue of $96.2 billion, up 106% year on year. Its Data Center business alone generated $89 billion, representing growth of 117%.

TSMC, by comparison, generated $88.268 billion in revenue during the whole of 2024.

For Nigel Green, CEO of deVere Group, the comparison puts Nvidia’s current scale into perspective.

“One company produced more revenue in a single quarter than its own chip manufacturer produced in an entire year,” Green said. “People have run out of ordinary language to describe growth like that.”

Growth at Nvidia’s Scale Is the Bigger Story

Rapid growth is common among smaller technology companies. What makes Nvidia unusual is that it is continuing to expand at triple-digit rates while already operating at enormous scale.

“A growth rate of 106% at this size doesn’t happen by accident, and it rarely happens at all,” Green said. “Companies typically grow fast or grow big. Doing both at once, at this pace and this scale, is exceptionally rare.”

The Data Center division remains at the centre of that growth, reflecting continued demand for the computing infrastructure used to train and operate increasingly large AI models.

At $89 billion for the quarter, the division is now larger on its own than the annual revenue of many multinational companies.

Nvidia Guides Above Wall Street Expectations

Nvidia also guided to third-quarter revenue of $108 billion, compared with roughly $104 billion expected by Wall Street, according to the deVere commentary.

Green argues that the difference is significant because of the size of Nvidia’s business.

“A $4 billion beat against consensus, in one quarter’s guidance alone, reflects genuine confidence rather than a rounding difference,” he said.

The company also pointed to around 70% revenue growth through fiscal 2028, a forecast that Green believes deserves more attention from investors.

“Companies this large do not usually hand investors a two-year growth number, because the risk of being wrong is enormous,” he said. “Nvidia just did it anyway, and set the bar at 70%.”

Supply, Not Demand, May Be the Constraint

One of the more important signals in the results concerns supply.

According to the release, Nvidia indicated that growth could be even stronger if it were able to produce more hardware.

That changes the interpretation of the company’s outlook. Rather than demand beginning to weaken, the constraint appears to be how quickly the AI supply chain can manufacture and deploy enough computing capacity.

“Most companies blame slowing demand when growth cools,” Green said. “Nvidia is doing the opposite, telling investors demand has outrun its ability to build.”

If that continues, the implications extend beyond Nvidia itself.

Foundries, memory manufacturers, networking companies, data-centre operators, energy providers and other businesses supporting AI infrastructure could remain exposed to the same investment cycle.

Is the Market Still Underpricing the AI Buildout?

Nvidia shares moved higher following the results, but Green questions whether investors have fully absorbed the longer-term implications.

“What I’m not convinced of yet is whether the market has genuinely absorbed what a 70% two-year growth forecast from a company already this size actually implies for the wider AI supply chain,” he said.

The volatility around the results may be one sign that investors are still deciding how much of Nvidia’s future growth is already reflected in valuations.

That question has become increasingly important as the company has moved from being viewed primarily as a semiconductor stock to being treated as one of the central infrastructure providers behind the generative AI economy.

Nvidia’s Numbers Matter Beyond Nvidia

For investors, the latest quarter is not only about whether Nvidia itself can continue growing.

The larger issue is what its demand tells the market about global spending on AI infrastructure.

If Nvidia remains supply-constrained while forecasting strong growth several years ahead, companies across the semiconductor and data-centre ecosystem may be operating inside a much larger investment cycle than previously expected.

“Every supplier, every partner and every customer named in this report is now operating inside a growth curve most of them did not expect this early,” Green concluded.

That is why the comparison with TSMC matters.

It is not simply a striking statistic. It is a measure of how quickly value is being created further up the AI computing stack — and why investors are still debating whether the market has fully priced what comes next.

About deVere Group

deVere Group is an independent financial advisory organisation serving international, mass-affluent and high-net-worth clients. The group says it has more than 80,000 clients and approximately $14 billion under advisement.