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Nvidia rolls back 2 hot-button topics in a slimmer — and more China-focused — annual report

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Nvidia’s annual report, released Wednesday, came in leaner this year.

The chipmaker axed or trimmed sections on climate change and diversity, equity, and inclusion compared with last year’s version.

A 2025 section titled “sustainability and governance,” which delved into clean energy and emission commitments, was absent from Wednesday’s report. That report mentioned sustainability, but in the context of Nvidia’s business sustainability or adherence to sustainability-related laws.

The report published last year read: “These issues are important for our continued business success and reflect the topics of highest concern to Nvidia and our stakeholders.”

Next, a section on human capital was significantly cut. In 2025, the company included subheadings such as “Compensation, Benefits, and Well-Being” and “Diversity, Inclusion, and Belonging at Nvidia.” Neither section was included this year, and the word diversity was not mentioned.

DEI efforts were summarized in one line this year: “We also utilize employee listening systems to gather feedback and maintain an inclusive culture where hiring and promotions are based on merit.”

Last year, President Donald Trump signed an executive order to end diversity programs across the federal government and ordered all federal DEI staffers to be placed on leave while their departments were disbanded.

It was a move that made waves in the private sector as well. Tech companies such as Microsoft, Meta, and Salesforce cut DEI programs. However, some companies, including Costco, have publicly defended their diversity initiatives.

Nvidia did not immediately respond to a request for comment from Business Insider about this year’s changes.

China focus

At 93 pages, Nvidia’s latest annual report was about 40 pages shorter than last year’s. Still, China got more airtime.

Besides recapping the US government’s chip export restrictions on China, Nvidia wrote that under the current rules, it cannot deliver a competitive product for the Chinese data center market. The company added that this allowed rivals to build larger customer bases worldwide.

“Our lost opportunity and the benefit to our competitors will have a material and adverse impact on our business, operating results, and financial condition,” the report read.

The company said its estimates for the current quarter did not include any expected revenue from sales of data-center chips to China.

On Wednesday, Nvidia reported better-than-expected fiscal year 2026 earnings, owing to strong AI data center demand. It reported $68.1 billion in revenue, a 73% year-over-year increase, and about $43 billion in profits, 94% higher than the same time last year.

The chipmaker’s stock was up slightly after hours.




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My grandparents are 87 and 90 years old. They still babysit my 7 kids, and host an annual cousin sleepover every year.

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This as-told-to essay is based on a conversation with Lauren Brusie, mom of seven. It has been edited for length and clarity.

Last year, my 87-year-old grandmother, Doris, and 90-year-old grandfather, Jerry, hosted nine of their 14 great-grandchildren for a Christmas sleepover at their house. It’s an annual tradition they started several years ago that involves a night of eating cookies and ice cream, kids playing, boys wrestling, and movie watching, all culminating in Doris and Jerry waking up bright and early the very next day to cook breakfast for everyone, smiling and chipper as ever.

As their 34-year-old granddaughter, I’m not sure how they have the energy they do.

They are the most joyful, generous, busy, and amazing people I know, and they have been a constant presence in my life. They were always there. For all six of us grandchildren, for every game, every school event, they were there. We spent our weekends with them, holidays with them, and summers at their cabin.

They’ve definitely helped shape my cousins and me, and they continue to maintain that loving presence and involvement with all their great-grandchildren, including my seven children.

My grandparents have been there for my kids since day one

Just like I can’t remember a day in my own life without my grandparents in it, neither do my kids. They were waiting outside the door for their first great-grandchild, my daughter, to be born, and they’ve been there for everything, just like they were for me.

We even lived next door to them for a few years, and we spent every day with them. They are two of the people my kids are most comfortable with, and because of that, they are often our first choice for babysitters on a quick errand. The kids just love to be with them.

We have since moved, but they still stop by at least once a week, call the kids, attend their sporting events, and even help me with running them to and from practice or school.

One of their most beloved traditions is taking out each great-grandchild for a birthday lunch/shopping trip to spend one-on-one time with them. They had a rule that the child needed to be 4 years old, but they have bent it twice now for two of my younger children, taking them on their third birthdays because they were just so excited about it.

Both of my grandparents are in great health, and while some of their longevity and energy is probably genetic, I think their overall joy and love of people has kept them going. They always have something going on with others, whether it’s hanging out with their camping club, golf leagues, bowling leagues, card nights, casino trips, or following us kids around. They’ve always just worked hard and enjoyed life.

They are the biggest blessing in our lives

I’m not sure how to put into words what our relationship with my grandparents means. I’m aware of how unique this is, and I’ve never taken a moment with them for granted. I don’t think my kids will understand it all until they’re older, so for now, I just try to take as many pictures as I can so they’ll know how truly blessed and loved they were by these amazing people.

As life has gotten busier and the kids have gotten older, we make it a priority to continue our relationship with my grandparents. For instance, we’ll stop in to visit, and we try to do malt nights on the weekends with them, just like I did as a kid.

I also try to make them my first call if I do need help with the kids. It gives them purpose, and it really does help me too!

I don’t know anyone who has great-grandparents so involved in their family’s lives

When I try to think of anyone who, like my kids, has not just their grandparents, but their great-grandparents so actively involved, it’s not even a close comparison. And it’s not just my kids — Doris and Jerry still travel all over the state to attend events and visit my cousins and their kids, too. I know my cousins feel the exact same way I do about our grandparents: they are the most incredible people we know, and we’re so lucky to have them.

I am not sure I even appreciated how amazing they were when I was a kid. It took me having my own kids to realize that the relationship I had with them wasn’t necessarily normal either. They are truly one of a kind.

There is so much that inspires me about my grandparents, like their joy and how they’ve dealt with all the ups and downs of life. And let’s be honest: I’d love to have their energy too, but I’ll never count on that!

My grandparents are also so humble about their involvement. Doris simply says that the reason they spend so much time with all of us is because they love us, so why wouldn’t they want to be with us?

Both of them attribute their energy and longevity to being “lucky” and hope that all their grandchildren and great-grandchildren will remember that they were good to them and loved them. I’d say mission accomplished!




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OpenAI could generate $25 billion in annual ad revenue by 2030, and that should worry Google, top tech analyst says

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Advertising could become a $25 billion business for OpenAI — and pose a threat to Google, according to new estimates on Monday from a top tech analyst.

Evercore ISI’s Mark Mahaney sees the startup generating that level of annual ad revenue by 2030 if it executes well on rolling out this new business.

OpenAI said on Friday that free and Go users of ChatGPT would start seeing ads “in the coming weeks.” OpenAI also laid out its advertising principles, such as clearly labeling them and not sharing user conversations with advertisers.

“A path to generating several billion dollars in ad revenue in 2026, going to $25B+ by 2030, seems reasonable,” Mahaney wrote in a note to investors.

That’s based on the likely scale of ChatGPT by that time, the proven monetization of high-intent performance marketing platforms, and the current size of this market, the analyst added.

OpenAI’s revenue is growing fast already. CFO Sarah Friar said in a recent blog post that the startup’s annualized revenue topped $20 billion in 2025, up from $2 billion in 2023. However, there are big question marks over OpenAI’s losses and whether it can become profitable in the future.

Advertising could be one way for OpenAI to boost its top and bottom lines.

Mahaney noted that Google’s Search and YouTube businesses likely generated close to $300 billion in ad revenue in 2025, with Meta generating an additional $180 billion. These are highly profitable operations, with operating profit margins of 40%, according to the analyst.

ChatGPT has almost 1 billion weekly average users, many of whom share valuable details with the chatbot, such as what they want and need. Advertisers are willing to pay up for access to this treasure trove. This is the type of intent-based information that forms the backbone of the massive digital ad businesses run by Google and Meta.

OpenAI has said that initial test ads will appear at the bottom of ChatGPT answers and be relevant to the user’s conversation with the chatbot. That approach might not be too intrusive for users, while still being attractive to advertisers, Mahaney said.

“OpenAI’s move directly challenges this core revenue stream by offering an alternative, highly engaging platform for users to discover products and services,” Mahaney wrote. “If ChatGPT can successfully integrate ads that are helpful rather than intrusive, it could siphon off valuable commercial queries that traditionally go to Google.”

The analyst also warned that if OpenAI can develop a “conversational” ad format, where users research and discuss potential purchases within ChatGPT, that could prompt advertisers to shift some of their marketing budgets because this is “high-intent engagement.”

Even if ChatGPT goes all-in on ads, though, don’t expect the chatbot to take Google’s share of the market overnight, Mahaney added.

OpenAI will still have to compete with the tech ecosystem that Google has spent years creating, such as its Chrome web browser, as well as web users’ habit of Googling stuff when they need an answer, Mahaney wrote.




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