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

• Nvidia's latest annual report omitted sections on climate change and DEI.
• The report highlighted US chip export rules hindering Nvidia's competitiveness in China's market.
• Nvidia said its estimates for the current quarter don't include sales of data-center chips to China.

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.