Nvidia is quietly building a multibillion-dollar behemoth to rival its chips business
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Nvidia's networking division, born from its $7 billion acquisition of Mellanox in 2020, has quietly grown into the company's second-largest revenue segment. Last quarter it generated $11 billion in revenue — a 267% year-over-year increase — surpassing Cisco's entire networking business in a single quarter. The division covers NVLink, InfiniBand switches, Spectrum-X Ethernet, and co-packaged optics, forming the full connectivity stack for AI data centers or 'AI factories.' At GTC 2026, Nvidia announced the Rubin platform with six new chips and updated Spectrum-X Ethernet Photonics switches. Despite its scale, the business receives far less attention than Nvidia's GPU compute segment.
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