NVIDIA, the Nasdaq-listed chipmaker and a world leader in AI computing, reported a record-breaking second quarter of revenue, clocking in at $96.2 billion in total revenue for the period ended July 26, 2026. Data-centre sales, the segment housing NVIDIA’s AI chips, alone contributed $89 billion, representing a 117% increase over the same period last year.
Looking ahead, NVIDIA is forecasting a third-quarter revenue of $108 billion, give or take 2%. The connection to crypto lies in a lesser-known but significant industry shift: bitcoin miners are gradually repurposing their power capacity and data-centre infrastructure, initially used for mining, for hosting NVIDIA-powered AI workloads, essentially blurring the lines between two industries.
Nvidia Q2 Performance Breakdown
Delving into the results, NVIDIA posted GAAP earnings of $2.46 per diluted share and non-GAAP earnings of $2.22, with both GAAP and non-GAAP gross margins coming in at 75.0%. Net-income on the GAAP accounting basis stood at $59.7 billion for the quarter. Additionally, the corporation confirmed that it will continue to pay out a $0.25 quarterly dividend on October 1, 2026, and returned approximately $26.0 billion attributable to shareholders through a combination of buybacks and dividends.
Due to continued U.S. export limitations that limit NVIDIA’s ability to actively participate in some regions, the company’s $108 billion projection for the upcoming quarter is predicated on zero data-centre compute revenue from China. CEO Jensen Huang summed up the underlying philosophy driving these numbers rather simply, framing compute capacity itself as a direct revenue driver in today’s AI economy.
The Crypto Connection: Bitcoin Miners Expand Into AI Infrastructure
Here’s where NVIDIA’s AI boom starts intersecting meaningfully with crypto. Public Bitcoin mining companies spent years assembling exactly the kind of resources AI infrastructure now craves most, grid-connected power, available land, industrial cooling, and speed to deployment, and many are now repurposing those assets to host NVIDIA GPUs for AI and high-performance computing clients instead of mining rigs.
IREN, formerly known as Iris Energy, signed a five-year AI cloud agreement with NVIDIA worth approximately $3.4 billion, alongside a separate partnership targeting up to 5 gigawatts of AI infrastructure capacity, on top of a reported $9.7 billion arrangement with Microsoft involving tens of thousands of NVIDIA chips.
Core Scientific has similarly committed hundreds of megawatts to host CoreWeave’s NVIDIA GPU fleet, converting former mining sites into HPC facilities with more than $10 billion in potential cumulative revenue on the table. TeraWulf and Hut 8 have inked comparable multibillion-dollar hosting deals backed by major technology and financial partners.
Analysts at Bernstein have observed that essentially every major U.S.-listed Bitcoin miner has moved toward AI infrastructure in some capacity, though it’s worth noting these remain analyst projections rather than confirmed outcomes, and the capital-intensive nature of these buildouts carries real execution risk, particularly given how concentrated customer exposure can become among a handful of large tenants.
A Market Bellwether That Moves Crypto Sentiment Too
Beyond the direct infrastructure overlap, NVIDIA’s earnings have grown into one of the more closely tracked signals for broader market sentiment around the AI trade, sitting alongside Federal Reserve announcements and inflation data as events capable of shifting overall risk appetite.
Since crypto assets frequently move in tandem with that broader risk sentiment, NVIDIA’s results can sometimes coincide with price swings in Bitcoin and other major tokens, though this reflects a sentiment correlation rather than any direct mechanical relationship between the two markets.
NVIDIA’s Next Reported Move: Buying Hugging Face
There have been reports that NVIDIA is in talks to buy Hugging Face, a popular developer community where people can share and host open-source AI models and data sets. Business Insider has reported that the deal value would be over $13 billion, while Bloomberg separately cited a deal figure closer to $12.9 billion in preliminary talks.
Both NVIDIA and Hugging Face have denied this transaction, and both stories seem to stem from the same conversation, not independent evidence in the public eye. This should be seen as reported but not confirmed yet. NVIDIA was already an investor in the Hugging Face, having participated in a $235 million funding round back in 2023 that valued the startup at $4.5 billion funding round.
The relevance for the crypto sector of this one is not that Hugging Face itself is in crypto, it is not, but rather many decentralized-AI projects have positioned distributed computing and training networks as an alternative to centralized infrastructure providers like NVIDIA. A bigger presence of NVIDIA on the whole AI-software ecosystem may change this discourse in favor of NVIDIA, though there are arguments for either side on whether it would strengthen the case for the decentralized alternative or rather simply grow alongside.
Full Circle: From Ethereum Mining To The SEC
NVIDIA’s ties to crypto are also historical. During the 2017 boom, miners bulk-bought NVIDIA’s gaming GPUs to mine Ethereum, and in May 2022 the company paid a $5.5 million penalty to settle SEC charges that it had failed to disclose that crypto mining was, in the regulator’s words, a “significant element” of its gaming revenue growth during fiscal 2018; NVIDIA settled without admitting or denying the findings.
The issue also continued into shareholder litigation, which remains ongoing. Ethereum’s move to proof-of-stake in 2022 ended GPU mining for that network and collapsed a large source of GPU demand, which is part of why NVIDIA’s crypto exposure today is about powering the industry’s data centres, not selling chips to mine coins.
Bottom Line
Taken purely at face value, NVIDIA’s quarter reads as a straightforward AI success story with no crypto angle attached. But for the crypto industry specifically, the real significance lies in how that same AI-driven demand fueling NVIDIA’s $89 billion data-centre business is actively reshaping the Bitcoin mining sector, pushing former miners to repurpose their power and infrastructure investments toward AI and HPC workloads instead.
Should the reported Hugging Face acquisition eventually be confirmed, it would further extend NVIDIA’s footprint into AI software and the broader open-model ecosystem, with implications for decentralized AI likely depending heavily on how any final deal gets structured.
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