IncomeShares ETPs Now on Deutsche Börse Xetra

IncomeShares by Leverage Shares

Author

Jonathan Hobbs, CFA

Date

28 Feb 2025

Category

Market Insights

How Nvidia’s Revenue Has Changed In Four Years

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

z5YY3wpCXAxSmG63M3Zntk26cclGy9jC6XnLc2qa.webp 18.8 KB
Nvidia just posted another strong earnings report, but the real story is how its business model has transformed since 2020. In this blog post, we break down how Nvidia’s revenue split has shifted in the past four years – from technology diversification to AI concentration.

Nvidia’s five revenue sources

We can group Nvidia’s revenue sources into five main buckets:

1. Data center revenue: This segment sells high-performance GPUs (general processing units) to cloud providers, AI firms, and enterprises building AI data centers. 

2. Gaming revenue: This segment sells GeForce GPUs for PC gaming, consoles, and cloud gaming. 

3. Professional visualization revenue: Workstation GPUs for designers, engineers, and creatives. These chips power 3D rendering, video editing, and virtual reality applications.

4️. Automotive & embedded systems revenue: Nvidia provides AI chips and software for self-driving cars, driver-assistance systems, and in-car AI.

5. OEM & other revenue: A mix of legacy products, digital currency mining GPUs, and specialized chips for original equipment manufacturers (OEMs). 

How Nvidia’s revenue split has changed since 2020

Gaming was Nvidia’s biggest revenue driver in Q2 of 2020, making up 51% of total sales. Data centers, by comparison, accounted for just 25%. The rest came from professional visualization (11%), automotive (8%), and OEM & other (4%).

Fast forward to today, and the mix looks completely different. Data centers now generate 90% of Nvidia’s revenue – a shift fueled by the explosion in AI. 

Here’s a breakdown of how Nvidia’s revenue has changed by sector: 

  • Data center revenue has surged from $655M per quarter in 2020 to $35.6B in Q4 2024 – a 54x increase.
  • Gaming revenue has grown from $1.3B per quarter to $2.5B – but its share of total sales has collapsed from 51% to just 6%.
  • Professional visualization, once 11% of revenue, now makes up just 1%.
  • Automotive revenue has grown modestly to $570M per quarter, but it remains a small slice of the business (1%).
  • OEM and other revenue has dropped from $257M per quarter in 2020 (4% of total revenue) to just $126M in Q4 2024 (0.3% of total revenue). This makes the business less reliant on lower-margin legacy products.

The chart below shows just how extreme this shift has been. It breaks down Nvidia’s revenue split in dollars (left) and and percentage terms (right).

RGChu7QyZ70Pz4PpcfIQCRKHCNPQF6seS7uyvRiX.webp 27.54 KB
Nvidia’s business is now more concentrated in AI than ever – a major shift from its diversified revenue mix in 2020.

The IncomeShares Nvidia Options ETP seeks to generate monthly income by buying Nvidia shares and selling ‘out-of-the-money’ call options. The ETP aims to collect premiums while keeping upside exposure up to the strike price.

Key takeaways

  • Nvidia’s business has transformed since 2020. Data centers now make up 90% of revenue, thanks to AI demand.
  • Gaming and other segments still contribute, but their share of revenue has shrunk as AI has taken over.
  • Nvidia’s revenue streams are more concentrated than ever before. 

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

Related Products:

Strategy

Covered Call

Distribution Yield

91.62%

IncomeShares

Welcome to IncomeShares

INVESTOR TYPE:

LOCATION:

Please confirm the Terms and Conditions by clicking on “I agree”.

This website is for informational purposes only.

This website is accessible to retail investors in the EU for informational purposes only. Leverage Shares does not directly distribute to retail investors. Retail clients should not rely on any of the information provided and should seek independent financial advice.

Information contained in this website is intended only to provide general and preliminary information and does not constitute any legal or investment advice, an offer to sell or solicitation to buy any security, including shares of any Exchange Traded Products (“ETPs”).

An investment in the promoted ETPs may only be made based on the ETPs´ legal documentation and will be subject to terms and conditions contained therein.

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions. The ETPs shown on this website are not available for sale in the U.S. or to a U.S. person.

I acknowledge having my legal residence in the selected location.

Please confirm the Terms and Conditions by clicking on “I agree”.

This website is for informational purposes only.

Information contained in this website is intended only to provide general and preliminary information to EU regulated firms such as Investment Intermediaries and Asset Managers. This information does not constitute an offer to sell or solicitation to buy any security, including shares of any Exchange Traded Products (“ETPs”).

An investment in the promoted ETPs may only be made based on the ETPs´ legal documentation and will be subject to terms and conditions contained therein.

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions. The ETPs shown on this website are not available for sale in the U.S. or to a U.S. person.

I acknowledge having my legal residence in the selected location.

This is a marketing communication. Prospective investors should refer to the Exchange Traded Product (“ETP”) Prospectus and Key Investor Information Document (“KIID”) before making any investment decisions.

No Legal or Investment Advice

The information on this website does not constitute legal, financial, or investment advice. It should not be considered an offer to sell or a solicitation to buy any security, including shares of any ETP promoted here, or other financial instruments, products, or services offered by Leverage Shares or its distributors (“Leverage Shares”).

Investment Advices Client Services

Leverage Shares constructs and issues ETPs but does not provide services to private investors, nor does it accept client funds directly. Leverage Shares’ services are exclusively available to professional clients, as defined in this website’s Terms and Conditions. Private investors should consult their personal advisor, broker, or bank for investment or trading inquiries. For technical questions regarding our ETPs, please contact us directly.

Investment Decisions

Any investment in promoted ETPs should be based on the official sales Prospectus, the relevant Supplement, and the KIID, which outline the applicable terms and conditions.

Investment Risks

Investments in ETPs are subject to risk, including potential loss of principal. The value of investments may fluctuate, and investors may not recover the amount originally invested. Past performance is not indicative of future results and should not be the sole factor considered in selecting a product. Investors should carefully consider their investment objectives, risks, charges, and expenses before investing.

Documentations Availability

The Prospectus, KIID, and other relevant documentation are available free of charge on this website, and upon request via email. Please note that except for KIIDs, documents are generally available in English and selected other languages.

Regulatory Information

Retail clients should not rely on information provided here and are encouraged to seek guidance from a qualified IFA.

Not Insured — No Bank Guarantee — May Lose Value

This is a marketing communication. Please refer to the Prospectus of the ETPs and to the KIID before making any final investment decisions.

This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).

The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.

All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Leverage Shares.

© Leverage Shares 2025