NVIDIA's quarterly revenue since 2022

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Welcome back to The Pulse, where we dive into interesting AI stories and trends backed by data, all presented through simple visuals.

> highest-ever Q3 revenue: +22% QoQ (quarter on quarter), +62% YoY (year on year)

> data center's share = $51.2B ($43B GPUs + rest networking) + grew ~13.5× faster than rest of their business as Jensen claims cloud GPUs sold out

> but 4 customers = 61% of sales; has $26B worth of rent-back chip contracts

> Q4 revenue guide raised to $65B vs earlier $61.6B

> earlier warned $8B China revenue loss (total addressable market = $50B) but Trump now allows H200 (18 months old) sales to approved China buyers with 25% govt cut

> speculation: reversal aimed at avoiding NVIDIA demand collapse/irrelevance + preventing an AI bubble burst while China builds its own chips, weakening the US via financial shock

> FT says China will still limit access despite new export allowance

> Gemini 3 Deep Think mode now available to Google AI Ultra subscribers on the $250/m plan

> first model to cross 40% on both HLE (without tools) & ARC-AGI 2

> uses advanced parallel reasoning to explore multiple hypotheses simultaneously

> OpenAI reportedly rushing GPT 5.2 “Garlic” release as a “Code Red” response to Gemini 3’s overall lead

> ~48% cut in headcount + ~60% rise in pay driven by AI automation

> automation now covers work of 853 employees, up from 700

> revenue up 108% with operating costs flat; revenue per employee hits $1.1M

> latest quarter: revenue +26% to $903M but recorded a $95M loss

> however reports note Klarna hired humans again for the first time since 2023 after over-relying on automation & over-indexing

> overall internal workforce transitions this year still unclear