Nvidia Corp‘s (NASDAQ:NVDA) latest quarterly filing contains a surprising twist beneath the headline-grabbing AI boom: the company lost more than half of its China business over the past year—and still managed to nearly double revenue.

According to Nvidia’s Form 10-Q, revenue from customers headquartered in China, including Hong Kong, fell to $4.55 billion in the first quarter from $9.66 billion a year earlier. That’s a decline of roughly 53%. Yet total revenue surged 85% year-over-year to a record $81.6 billion.

The filing highlights just how dramatically Nvidia’s revenue base has shifted.

US AI Spending Fills The Gap

Sales to U.S.-based customers (i.e., Amazon, Alphabet, Meta Platforms and Microsoft) climbed to $63.8 billion during the quarter, up from $25.7 billion a year ago. That accounts for roughly 78% of Nvidia’s total revenue, compared with about 58% in the same period last year.

The numbers suggest that surging AI infrastructure spending from hyperscalers, cloud providers and AI developers more than offset the sharp decline in ...