Chipmaker Nvidia has reported its hugely anticipated financials for the fiscal fourth quarter of the year, exceeding Wall Street estimates thanks to the explosive demand for its AI accelerators and networking products. The financials hold significance, with nearly the entire BigTech stock price dependent on how Nvidia performs during the current AI gold rush amid possible AI-is-a-bubble talk.
And Nvidia did not disappoint.
Revenue climbed 73% year-over-year to $68.13 billion for the quarter, up from $39.3 billion in the corresponding quarter last year, and beating analyst estimates of $66.21 billion. Adjusted earnings per share came in at $1.62, ahead of the $1.53 consensus.
The data center segment, now accounting for more than 91% of total revenue, brought in $62.3 billion for the period, surpassing forecasts of $60.69 billion. Within that, compute revenue (primarily GPUs) reached $51 billion, while networking (NVLink, Spectrum-X Ethernet switches, and related tech) hit $10.98 billion, up 263% year-over-year, for the same period. Nvidia CFO Colette Kress highlighted that hyperscalers remained the largest customer category, contributing just over 50% of data center sales. Net income nearly doubled to $43 billion, or $1.76 per share, from $22.1 billion, or $0.89 per share, in the prior-year period. Full-year fiscal revenue reached $215 billion.
“Computing demand is growing exponentially — the agentic AI inflection point has arrived. Grace Blackwell with NVLink is the king of inference today — delivering an order-of-magnitude lower cost per token — and Vera Rubin will extend that leadership even further,” Jensen Huang, founder and CEO of Nvidia, said in an official statement. “Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth.”
Nvidia guided fiscal first-quarter 2027 revenue to approximately $78 billion, which is well above the Street’s $72.6 billion consensus. The company explicitly excluded any data center revenue from China in its forecast, due to the uncertainty over US export controls and Chinese regulatory approvals with the H200 processor shipments to China, and according to Kress, while the US government has granted limited licenses for shipments of certain advanced chips, including the H200, no meaningful revenue has materialized yet. “While small amounts of H200 products for China-based customers were approved by the US government, they have yet to generate any revenue, and we do not know whether any imports will be allowed into China,” Kress said. The company’s gaming division also clocked a growth for the quarter, recording an increase of 47% year-over-year to $3.73 billion but fell 13% sequentially, partly due to memory shortages. Automotive revenue rose just 6% to $604 million, missing estimates of $643 million.
To provide some context, Nvidia had shipped its first Vera Rubin samples to customers earlier this week and remains on track for production shipments in the second half of calendar 2026. Vera Rubin is expected to deliver 10× better performance per watt than Blackwell, addressing growing power constraints in data centers. In addition to this, Nvidia is also expanding manufacturing beyond Asia, with Blackwell GPUs now produced at TSMC’s Arizona fab and some rack-scale systems assembled at a new Foxconn plant in Mexico. In addition to this, Nvidia disclosed $17.5 billion in investments in private companies and infrastructure funds during the fiscal year, primarily to support early-stage AI startups.
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