Technology
Visualizing Nvidia’s Revenue, by Product Line (2019-2024)
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Visualizing Nvidia’s Revenue, by Product Line (2019-2024)
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Since the AI boom, the key drivers of Nvidia’s 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:
| Product Line | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|
| Data Center Processors for Analytics and AI | 78.0% | 55.6% | 39.4% | 40.2% | 27.3% | 25.0% |
| GPUs for Computers | 17.1% | 33.6% | 46.3% | 46.5% | 50.5% | 53.3% |
| GPUs for 3D Visualization | 2.6% | 5.7% | 7.8% | 6.3% | 11.1% | 9.6% |
| GPUs for Automotive | 1.8% | 3.3% | 2.1% | 3.2% | 6.4% | 5.5% |
| GPUs for Cryptocurrency Mining | 0.0% | 0.0% | 2.0% | 3.8% | 4.6% | 6.5% |
| Other | 0.5% | 1.7% | 2.3% | 0.0% | 0.0% | 0.0% |
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.
Technology
Charting the Next Generation of Internet
In this graphic, Visual Capitalist has partnered with MSCI to explore the potential of satellite internet as the next generation of internet innovation.
Could Tomorrow’s Internet be Streamed from Space?
In 2023, 2.6 billion people could not access the internet. Today, companies worldwide are looking to innovative technology to ensure more people are online at the speed of today’s technology.
Could satellite internet provide the solution?
In collaboration with MSCI, we embarked on a journey to explore whether tomorrow’s internet could be streamed from space.
Satellite Internet’s Potential Customer Base
Millions of people live in rural communities or mobile homes, and many spend much of their lives at sea or have no fixed abode. So, they cannot access the internet simply because the technology is unavailable.
Satellite internet gives these communities access to the internet without requiring a fixed location. Consequently, the volume of people who could get online using satellite internet is significant:
| Area | Potential Subscribers |
|---|---|
| Households Without Internet Access | 600,000,000 |
| RVs | 11,000,000 |
| Recreational Boats | 8,500,000 |
| Ships | 100,000 |
| Commercial Aircraft | 25,000 |
Advances in Satellite Technology
Satellite internet is not a new concept. However, it has only recently been that roadblocks around cost and long turnaround times have been overcome.
NASA’s space shuttle, until it was retired in 2011, was the only reusable means of transporting crew and cargo into orbit. It cost over $1.5 billion and took an average of 252 days to launch and refurbish.
In stark contrast, SpaceX’s Falcon 9 can now launch objects into orbit and maintain them at a fraction of the time and cost, less than 1% of the space shuttle’s cost.
| Average Rocket Turnaround Time | Average Launch/Refurbishment Cost | |
|---|---|---|
| Falcon 9* | 21 days | < $1,000,000 |
| Space Shuttle | 252 days | $1,500,000,000 (approximately) |
Satellites are now deployed 300 miles in low Earth orbit (LEO) rather than 22,000 miles above Earth in Geostationary Orbit (GEO), previously the typical satellite deployment altitude.
What this means for the consumer is that satellite internet streamed from LEO has a latency of 40 ms, which is an optimal internet connection. Especially when compared to the 700 ms stream latency experienced with satellite internet streamed from GEO.
What Would it Take to Build a Satellite Internet?
SpaceX, the private company that operates Starlink, currently has 4,500 satellites. However, the company believes it will require 10 times this number to provide comprehensive satellite internet coverage.
Charting the number of active satellites reveals that, despite the increasing number of active satellites, many more must be launched to create a comprehensive satellite internet.
| Year | Number of Active Satellites |
|---|---|
| 2022 | 6,905 |
| 2021 | 4,800 |
| 2020 | 3,256 |
| 2019 | 2,272 |
| 2018 | 2,027 |
| 2017 | 1,778 |
| 2016 | 1,462 |
| 2015 | 1,364 |
| 2014 | 1,262 |
| 2013 | 1,187 |
Next-Generation Internet Innovation
Innovation is at the heart of the internet’s next generation, and the MSCI Next Generation Innovation Index exposes investors to companies that can take advantage of potentially disruptive technologies like satellite internet.
You can gain exposure to companies advancing access to the internet with four indexes:
- MSCI ACWI IMI Next Generation Internet Innovation Index
- MSCI World IMI Next Generation Internet Innovation 30 Index
- MSCI China All Shares IMI Next Generation Internet Innovation Index
- MSCI China A Onshore IMI Next Generation Internet Innovation Index
MSCI thematic indexes are objective, rules-based, and regularly updated to focus on specific emerging trends that could evolve.
Click here to explore the MSCI thematic indexes
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