Nvidia

In fiscal 2025 Nvidia’s revenue more than doubled, from $60.9 billion to $130.5 billion, while its GAAP gross margin rose from 72.7 percent to 75.0 percent. Those figures show rapid revenue growth alongside high reported gross margins; they do not show whether buyers competed for supply or how each customer responded to price. Fiscal 2026 revenue reached $215.9 billion, and its gross margin for the year was 71.1 percent after a $4.5 billion charge on H20 chips affected by a U.S. licensing requirement.

NVIDIA introduced CUDA in 2006, opening its graphics chips to general computing, and says more than 7.5 million developers now use CUDA and its other software tools. Revenue for fiscal 2026 was $215.9 billion, up 65%. The chip is only part of what a competitor must match: the libraries, frameworks and trained developers that sit on top of it have to be matched as well.

NVIDIA’s annual report says it opened its GPUs to general computing with CUDA in 2006. Its count of developers using CUDA and its other software tools rose from 3.8 million in its fiscal 2023 filing to 5.9 million in fiscal 2025 and 7.5 million in fiscal 2026, when revenue reached $215.9 billion. Each of those developers’ code, libraries and habits makes a competing chip harder to adopt.