Nvidia’s stronger-than-expected earnings and upbeat AI outlook lifted Bitcoin miners tied to data center and high-performance computing demand, even as the chipmaker’s shares slipped on concerns about future growth sustainability.

Nvidia (NVDA) reported another record quarter on Wednesday, driven by surging demand for artificial intelligence infrastructure that pushed revenue, profit, and cash flow to new highs.

The company posted first-quarter revenue of $81.62 billion, up 85% from $44.06 billion a year earlier and ahead of Wall Street expectations of $78.9 billion, according to FactSet data. Adjusted earnings came in at $1.87 per share, beating forecasts of $1.76. Nvidia also issued stronger-than-expected guidance, projecting about $91 billion in revenue for the current quarter.

On the capital return side, Nvidia’s board approved an additional $80 billion in share buybacks and increased its quarterly dividend to 25 cents per share from 1 cent, signaling confidence in continued cash flow strength.

Despite the strong results, Nvidia shares fell about 1.5% in after-hours trading as investors focused on potential slowing growth momentum and rising competition in the AI chip market.

Bitcoin miners with exposure to AI and high-performance computing infrastructure responded positively. Core Scientific (CORZ) and Cipher Mining (CIFR) both saw modest gains in after-hours trading, as investors continued to position select miners as beneficiaries of expanding demand for data center capacity, power infrastructure, and AI computing workloads. IREN (IREN) initially rose before giving back gains.

CEO Jensen Huang described the current phase as a historic infrastructure expansion, calling “AI factories” one of the largest industrial buildouts ever seen. He added that “agentic AI” is already creating measurable productivity gains and scaling rapidly across industries.

For Bitcoin miners shifting toward AI and data center operations, Nvidia’s results provided further validation of that pivot. The company’s Data Center segment remains its primary growth driver, fueled by strong investment from cloud providers, enterprises, and governments.

Hyperscalers accounted for more than half of Nvidia’s $75 billion Data Center revenue during the quarter, contributing roughly $38 billion and rising 12% sequentially, according to CFO Colette Kress. The remaining $37 billion came from Nvidia’s ACIE segment, which includes AI cloud providers, enterprise customers, and industrial demand.

Kress also noted that AI cloud revenue has more than tripled year-over-year, supported by rapid scaling across more than 80 large data centers. She added that demand for Nvidia systems remains strong, with about $20 billion in expected CPU revenue this year.

Nvidia said its outlook does not include any Data Center revenue from China due to ongoing U.S. export restrictions on advanced AI chips.

Investors continue to treat Nvidia’s results as a key indicator of global AI infrastructure demand. The latest earnings suggest spending remains robust and still outpaces expectations, reinforcing positive sentiment for data center operators and Bitcoin miners positioned at the intersection of AI and high-performance computing.