NVIDIA's Q1 Performance is Solid, Vera CPU Drives Future Increment

marsbit2026-05-21 tarihinde yayınlandı2026-05-21 tarihinde güncellendi

Özet

NVIDIA reported solid Q1 FY2027 results and Q2 guidance, largely meeting optimistic investor expectations. Revenue reached $81.62 billion, up 85% year-over-year, with adjusted EPS of $1.87 beating estimates. The company re-segmented its business, highlighting Data Center as the core growth driver, with Hyperscale revenue surging 115%. The most significant new information was the unveiling of the Vera CPU, targeting a new $200 billion market for Agentic AI. It can be sold alongside Rubin GPUs or independently, with production starting in Q3. Management reaffirmed the $1 trillion revenue target for the Blackwell and Rubin platforms through 2027. Q2 revenue guidance of approximately $91 billion aligns with expectations. However, the announcement of a new $80 billion share buyback authorization and a raised dividend, while positive, fell slightly short of some investors' hopes for a larger repurchase plan.

Original Author: SoSoValue Research

NVIDIA released its Q1 FY2027 results. The Q1 performance and Q2 guidance basically met the optimistic expectations of buyers, but the share buyback was slightly below investor expectations. The stock price fell slightly by 1.3% after hours, as the market lacked short-term catalysts, but the long-term growth thesis remains clear.

Q1 Performance Highlights: Solid and in Line with Optimistic Expectations

NVIDIA's Q1 revenue was $81.62 billion, an 85% year-over-year increase and a 20% sequential increase, basically within the buyer's optimistic expectation range of $81-82 billion and higher than the Bloomberg consensus estimate of $78.91 billion. Adjusted gross margin was 75%, up 14.2 percentage points year-over-year, matching the Bloomberg consensus estimate of 75.1%. Adjusted net profit was $45.55 billion, up 139% year-over-year. Adjusted EPS was $1.87, higher than the Bloomberg consensus estimate of $1.77.

This quarter, NVIDIA restructured its revenue segments into Data Center and Edge Computing to better reflect the AI-driven business structure. Within Data Center, hyperscale customer orders are the core growth driver:

Data Center revenue was $75.2 billion, up 92% year-over-year and 21% sequentially, higher than the Bloomberg consensus estimate of $73.33 billion.

Hyperscale (including public cloud and large internet companies) revenue was $37.9 billion, up 115% year-over-year, accounting for 50.4% of Data Center revenue. It is the fastest-growing segment and the most important driver of NVIDIA's revenue.
ACIE (AI Cloud, Industry, and Enterprise Applications) revenue was $37.4 billion, up 74% year-over-year, accounting for 49.6%.

Edge Computing (Agent & Physical AI, including PC, consoles, workstations, AI-RAN base stations, robots, and automotive) revenue was $6.4 billion, up 29% year-over-year and 10% sequentially.

Earnings Call: Vera CPU is the Most Core Incremental Information

The conference call revealed that the Vera CPU opens up a new $200 billion market for NVIDIA. Designed for Agentic AI, the Vera CPU can be sold alongside the Rubin GPU or independently as a CPU, storage node, or security node. Total CPU revenue is expected to approach $200 billion this year, with mass production and shipping planned to begin in Q3; it represents a new incremental business for NVIDIA.

Management maintained the $1 trillion revenue target for the Blackwell + Rubin platforms from 2025-2027, without an upward revision for now. The Rubin platform will begin mass production in the second half of the year, starting in Q3 with ramp-up in Q4. Shipments are expected to increase significantly in Q1 next year.

Furthermore, Chinese revenue continues to be excluded from guidance. The U.S. government has approved shipments of H200 to Chinese customers, but it's uncertain whether China will allow the imports.

Q2 Guidance Basically Meets Expectations

Q2 revenue guidance is $91.0 billion (±2%, excluding any contribution from China), matching the buyer's optimistic expectation of $91.0 billion.
Adjusted gross margin is guided to be 75% (±0.5%), basically meeting expectations.

However, buyback was slightly below expectations: The company authorized an additional $80 billion for share repurchases and raised the quarterly dividend to $0.25 per share (from $0.01 previously), slightly below some investors' expectations for over $100 billion in new buyback authorization.

İlgili Sorular

QWhat were the key financial highlights for NVIDIA's Q1 FY2027 according to the article?

ANVIDIA's Q1 FY2027 revenue was $81.62 billion, an 85% year-over-year (YoY) increase and 20% quarter-over-quarter (QoQ). Adjusted gross margin was 75%. Adjusted net profit was $45.55 billion, up 139% YoY, and adjusted EPS was $1.87.

QHow is NVIDIA's business revenue now structured, and which segment showed the fastest growth in Q1?

ANVIDIA has restructured its revenue into Data Center and Edge Computing. The Data Center segment generated $75.2 billion in Q1, growing 92% YoY. Within this, Hyperscale customer revenue grew 115% YoY to $37.9 billion, representing 50.4% of Data Center revenue and was the fastest-growing segment, making it the most important driver for NVIDIA.

QWhat significant new product and market opportunity did NVIDIA announce during the earnings call, according to the article?

ADuring the earnings call, NVIDIA announced the Vera CPU. Designed for Agentic AI, it can be sold alongside Rubin GPUs or independently. It is expected to open up a new $200 billion market for NVIDIA, with total CPU revenue this year projected to be close to $20 billion. Mass production and shipment are planned to start in Q3.

QWhat was NVIDIA's Q2 FY2027 revenue guidance and how did it compare to market expectations?

ANVIDIA's revenue guidance for Q2 FY2027 is $91.0 billion (±2%, excluding any contribution from China). This figure was essentially in line with the bullish buy-side expectation of $91.0 billion.

QWhy was there some disappointment regarding NVIDIA's capital return to shareholders mentioned in the article?

AThe disappointment stemmed from NVIDIA's share repurchase announcement. While the company authorized an additional $80 billion for share buybacks and raised its quarterly dividend to $0.25 per share, this was slightly below some investors' expectations for a new buyback authorization exceeding $100 billion.

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