NVIDIA (NVDA)
Market Price (6/17/2026): $207.52 | Market Cap: $5.0 TrilInvestor Relations Sector: Information Technology | Industry: Semiconductors
NVIDIA (NVDA)
Market Price (6/17/2026): $207.52Market Cap: $5.0 TrilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%, CFO LTM is 126 Bil, FCF LTM is 119 Bil Stock buyback supportStock Buyback 3Y Total is 103 Bil Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Electric Vehicles & Autonomous Driving, Automation & Robotics, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 20x Key risksNVDA key risks include [1] U.S. Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%, CFO LTM is 126 Bil, FCF LTM is 119 Bil |
| Stock buyback supportStock Buyback 3Y Total is 103 Bil |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Electric Vehicles & Autonomous Driving, Automation & Robotics, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 20x |
| Key risksNVDA key risks include [1] U.S. Show more. |
Qualitative Assessment
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Updated on 6/5/2026
NVIDIA (NVDA) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
NVIDIA reported record financial results for both fiscal Q4 2026 (ended January 25, 2026) and fiscal Q1 2027 (ended April 26, 2026), significantly exceeding analyst expectations. For fiscal Q4 2026, revenue was $68.1 billion, a 73% year-over-year increase, with Data Center revenue at $62.3 billion, up 75% year-over-year. The company provided strong fiscal Q1 2027 revenue guidance of $78.0 billion. Subsequently, for fiscal Q1 2027, NVIDIA reported record revenue of $81.6 billion, an 85% year-over-year increase, surpassing the LSEG analyst consensus of $78.42 billion, with Data Center revenue reaching $75.2 billion, up 92% year-over-year. Earnings per diluted share were $1.98, exceeding the $1.76 consensus estimate. Furthermore, NVIDIA issued fiscal Q2 2027 revenue guidance of $91 billion, which again surpassed the $86.84 billion consensus. The company also demonstrated a strong commitment to shareholder returns by authorizing an additional $80 billion for share repurchases and increasing its quarterly cash dividend from $0.01 to $0.25 per share.
2. Expansion into New AI Markets and Acceleration of Next-Generation Platform Rollouts.
NVIDIA made significant product and platform announcements that expanded its addressable markets and showcased its technological leadership. At the GTC 2026 conference in March, the company announced an expanded partnership with Amazon Web Services (AWS) to deploy NVIDIA AI infrastructure, including over 1 million NVIDIA GPUs, and unveiled the NVIDIA Vera Rubin DSX AI Factory reference design. CEO Jensen Huang projected $1 trillion in AI chip sales across 2026 and 2027. More recently, at Computex 2026 in late May and early June, NVIDIA introduced the NVIDIA RTX Spark, a new superchip for Windows PCs designed for personal AI agents, in collaboration with Microsoft, signaling a strategic entry into the AI PC market. Huang also confirmed that the Grace Blackwell computing platform is in commercial production, and the next-generation Vera Rubin platform has begun mass production, with deliveries expected to commence in fiscal Q3 2026, supported by plans to double capacity in the second half of the year.
Show more
NVIDIA (NVDA) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
NVIDIA reported record financial results for both fiscal Q4 2026 (ended January 25, 2026) and fiscal Q1 2027 (ended April 26, 2026), significantly exceeding analyst expectations. For fiscal Q4 2026, revenue was $68.1 billion, a 73% year-over-year increase, with Data Center revenue at $62.3 billion, up 75% year-over-year. The company provided strong fiscal Q1 2027 revenue guidance of $78.0 billion. Subsequently, for fiscal Q1 2027, NVIDIA reported record revenue of $81.6 billion, an 85% year-over-year increase, surpassing the LSEG analyst consensus of $78.42 billion, with Data Center revenue reaching $75.2 billion, up 92% year-over-year. Earnings per diluted share were $1.98, exceeding the $1.76 consensus estimate. Furthermore, NVIDIA issued fiscal Q2 2027 revenue guidance of $91 billion, which again surpassed the $86.84 billion consensus. The company also demonstrated a strong commitment to shareholder returns by authorizing an additional $80 billion for share repurchases and increasing its quarterly cash dividend from $0.01 to $0.25 per share.
2. Expansion into New AI Markets and Acceleration of Next-Generation Platform Rollouts.
NVIDIA made significant product and platform announcements that expanded its addressable markets and showcased its technological leadership. At the GTC 2026 conference in March, the company announced an expanded partnership with Amazon Web Services (AWS) to deploy NVIDIA AI infrastructure, including over 1 million NVIDIA GPUs, and unveiled the NVIDIA Vera Rubin DSX AI Factory reference design. CEO Jensen Huang projected $1 trillion in AI chip sales across 2026 and 2027. More recently, at Computex 2026 in late May and early June, NVIDIA introduced the NVIDIA RTX Spark, a new superchip for Windows PCs designed for personal AI agents, in collaboration with Microsoft, signaling a strategic entry into the AI PC market. Huang also confirmed that the Grace Blackwell computing platform is in commercial production, and the next-generation Vera Rubin platform has begun mass production, with deliveries expected to commence in fiscal Q3 2026, supported by plans to double capacity in the second half of the year.
Show more
Updated on 6/5/2026
NVIDIA (NVDA) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
NVIDIA reported record financial results for both fiscal Q4 2026 (ended January 25, 2026) and fiscal Q1 2027 (ended April 26, 2026), significantly exceeding analyst expectations. For fiscal Q4 2026, revenue was $68.1 billion, a 73% year-over-year increase, with Data Center revenue at $62.3 billion, up 75% year-over-year. The company provided strong fiscal Q1 2027 revenue guidance of $78.0 billion. Subsequently, for fiscal Q1 2027, NVIDIA reported record revenue of $81.6 billion, an 85% year-over-year increase, surpassing the LSEG analyst consensus of $78.42 billion, with Data Center revenue reaching $75.2 billion, up 92% year-over-year. Earnings per diluted share were $1.98, exceeding the $1.76 consensus estimate. Furthermore, NVIDIA issued fiscal Q2 2027 revenue guidance of $91 billion, which again surpassed the $86.84 billion consensus. The company also demonstrated a strong commitment to shareholder returns by authorizing an additional $80 billion for share repurchases and increasing its quarterly cash dividend from $0.01 to $0.25 per share.
2. Expansion into New AI Markets and Acceleration of Next-Generation Platform Rollouts.
NVIDIA made significant product and platform announcements that expanded its addressable markets and showcased its technological leadership. At the GTC 2026 conference in March, the company announced an expanded partnership with Amazon Web Services (AWS) to deploy NVIDIA AI infrastructure, including over 1 million NVIDIA GPUs, and unveiled the NVIDIA Vera Rubin DSX AI Factory reference design. CEO Jensen Huang projected $1 trillion in AI chip sales across 2026 and 2027. More recently, at Computex 2026 in late May and early June, NVIDIA introduced the NVIDIA RTX Spark, a new superchip for Windows PCs designed for personal AI agents, in collaboration with Microsoft, signaling a strategic entry into the AI PC market. Huang also confirmed that the Grace Blackwell computing platform is in commercial production, and the next-generation Vera Rubin platform has begun mass production, with deliveries expected to commence in fiscal Q3 2026, supported by plans to double capacity in the second half of the year.
3. Strategic Investments and Partnerships Fortified AI Ecosystem Leadership.
NVIDIA strategically invested in key players within the AI ecosystem, solidifying its dominant position. In February 2026, NVIDIA finalized a $30 billion direct equity stake in OpenAI as part of its funding round. This was followed by a $2 billion strategic investment in Marvell Technology in March 2026, aiming to integrate Marvell into NVIDIA's AI factory and AI-RAN ecosystems. Additionally, NVIDIA announced a $2 billion investment in Coherent in March 2026 to support research and development, future capacity, and operations for optical networking and silicon photonics components, crucial for high-speed data transfer in AI data centers. These investments underscore NVIDIA's proactive approach to securing its supply chain and strengthening its comprehensive AI platform.
Show less
NVIDIA (NVDA) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
NVIDIA reported record financial results for both fiscal Q4 2026 (ended January 25, 2026) and fiscal Q1 2027 (ended April 26, 2026), significantly exceeding analyst expectations. For fiscal Q4 2026, revenue was $68.1 billion, a 73% year-over-year increase, with Data Center revenue at $62.3 billion, up 75% year-over-year. The company provided strong fiscal Q1 2027 revenue guidance of $78.0 billion. Subsequently, for fiscal Q1 2027, NVIDIA reported record revenue of $81.6 billion, an 85% year-over-year increase, surpassing the LSEG analyst consensus of $78.42 billion, with Data Center revenue reaching $75.2 billion, up 92% year-over-year. Earnings per diluted share were $1.98, exceeding the $1.76 consensus estimate. Furthermore, NVIDIA issued fiscal Q2 2027 revenue guidance of $91 billion, which again surpassed the $86.84 billion consensus. The company also demonstrated a strong commitment to shareholder returns by authorizing an additional $80 billion for share repurchases and increasing its quarterly cash dividend from $0.01 to $0.25 per share.
2. Expansion into New AI Markets and Acceleration of Next-Generation Platform Rollouts.
NVIDIA made significant product and platform announcements that expanded its addressable markets and showcased its technological leadership. At the GTC 2026 conference in March, the company announced an expanded partnership with Amazon Web Services (AWS) to deploy NVIDIA AI infrastructure, including over 1 million NVIDIA GPUs, and unveiled the NVIDIA Vera Rubin DSX AI Factory reference design. CEO Jensen Huang projected $1 trillion in AI chip sales across 2026 and 2027. More recently, at Computex 2026 in late May and early June, NVIDIA introduced the NVIDIA RTX Spark, a new superchip for Windows PCs designed for personal AI agents, in collaboration with Microsoft, signaling a strategic entry into the AI PC market. Huang also confirmed that the Grace Blackwell computing platform is in commercial production, and the next-generation Vera Rubin platform has begun mass production, with deliveries expected to commence in fiscal Q3 2026, supported by plans to double capacity in the second half of the year.
3. Strategic Investments and Partnerships Fortified AI Ecosystem Leadership.
NVIDIA strategically invested in key players within the AI ecosystem, solidifying its dominant position. In February 2026, NVIDIA finalized a $30 billion direct equity stake in OpenAI as part of its funding round. This was followed by a $2 billion strategic investment in Marvell Technology in March 2026, aiming to integrate Marvell into NVIDIA's AI factory and AI-RAN ecosystems. Additionally, NVIDIA announced a $2 billion investment in Coherent in March 2026 to support research and development, future capacity, and operations for optical networking and silicon photonics components, crucial for high-speed data transfer in AI data centers. These investments underscore NVIDIA's proactive approach to securing its supply chain and strengthening its comprehensive AI platform.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 17.2% change in NVDA stock from 2/28/2026 to 6/16/2026 was primarily driven by a 17.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.97 | 207.41 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 215,938 | 253,491 | 17.4% |
| Net Income Margin (%) | 55.6% | 63.0% | 13.2% |
| P/E Multiple | 35.8 | 31.6 | -11.9% |
| Shares Outstanding (Mil) | 24,302 | 24,286 | 0.1% |
| Cumulative Contribution | 17.2% |
Market Drivers
2/28/2026 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NVDA | 17.2% | |
| Market (SPY) | 9.7% | 71.4% |
| Sector (XLK) | 34.5% | 71.9% |
Fundamental Drivers
The 17.3% change in NVDA stock from 11/30/2025 to 6/16/2026 was primarily driven by a 35.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.77 | 207.41 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 187,142 | 253,491 | 35.5% |
| Net Income Margin (%) | 53.0% | 63.0% | 18.8% |
| P/E Multiple | 43.4 | 31.6 | -27.2% |
| Shares Outstanding (Mil) | 24,327 | 24,286 | 0.2% |
| Cumulative Contribution | 17.3% |
Market Drivers
11/30/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NVDA | 17.3% | |
| Market (SPY) | 10.4% | 69.0% |
| Sector (XLK) | 30.6% | 72.4% |
Fundamental Drivers
The 53.7% change in NVDA stock from 5/31/2025 to 6/16/2026 was primarily driven by a 70.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.94 | 207.41 | 53.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148,515 | 253,491 | 70.7% |
| Net Income Margin (%) | 51.7% | 63.0% | 21.8% |
| P/E Multiple | 43.0 | 31.6 | -26.5% |
| Shares Outstanding (Mil) | 24,441 | 24,286 | 0.6% |
| Cumulative Contribution | 53.7% |
Market Drivers
5/31/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NVDA | 53.7% | |
| Market (SPY) | 28.8% | 65.1% |
| Sector (XLK) | 62.4% | 74.1% |
Fundamental Drivers
The 449.3% change in NVDA stock from 5/31/2023 to 6/16/2026 was primarily driven by a 879.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.76 | 207.41 | 449.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,878 | 253,491 | 879.6% |
| Net Income Margin (%) | 18.5% | 63.0% | 240.0% |
| P/E Multiple | 194.6 | 31.6 | -83.8% |
| Shares Outstanding (Mil) | 24,700 | 24,286 | 1.7% |
| Cumulative Contribution | 449.3% |
Market Drivers
5/31/2023 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NVDA | 449.3% | |
| Market (SPY) | 86.6% | 66.6% |
| Sector (XLK) | 131.7% | 78.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NVDA Return | 125% | -50% | 239% | 171% | 39% | 14% | 1534% |
| Peers Return | 45% | -42% | 85% | 25% | 41% | 142% | 561% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| NVDA Win Rate | 58% | 42% | 75% | 75% | 67% | 67% | |
| Peers Win Rate | 62% | 38% | 65% | 53% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NVDA Max Drawdown | -24% | -63% | -18% | -27% | -37% | -16% | |
| Peers Max Drawdown | -24% | -51% | -22% | -40% | -41% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMD, INTC, AVGO, QCOM, MRVL. See NVDA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/16/2026 (YTD)
How Low Can It Go
| Event | NVDA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.3% | -18.8% |
| % Gain to Breakeven | 47.6% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.7% | -7.8% |
| % Gain to Breakeven | 36.4% | 8.5% |
| Time to Breakeven | 68 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.3% | 10.5% |
| Time to Breakeven | 11 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.7% | -24.5% |
| % Gain to Breakeven | 168.1% | 32.4% |
| Time to Breakeven | 215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.6% | -33.7% |
| % Gain to Breakeven | 60.1% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -55.6% | -19.2% |
| % Gain to Breakeven | 125.4% | 23.8% |
| Time to Breakeven | 417 days | 105 days |
In The Past
NVIDIA's stock fell -32.3% during the 2025 US Tariff Shock. Such a loss loss requires a 47.6% gain to breakeven.
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Asset Allocation
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| Event | NVDA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.3% | -18.8% |
| % Gain to Breakeven | 47.6% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.7% | -7.8% |
| % Gain to Breakeven | 36.4% | 8.5% |
| Time to Breakeven | 68 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.7% | -24.5% |
| % Gain to Breakeven | 168.1% | 32.4% |
| Time to Breakeven | 215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.6% | -33.7% |
| % Gain to Breakeven | 60.1% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -55.6% | -19.2% |
| % Gain to Breakeven | 125.4% | 23.8% |
| Time to Breakeven | 417 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.8% | -17.9% |
| % Gain to Breakeven | 27.8% | 21.8% |
| Time to Breakeven | 26 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -45.0% | -15.4% |
| % Gain to Breakeven | 81.8% | 18.2% |
| Time to Breakeven | 160 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.7% | -53.4% |
| % Gain to Breakeven | 514.4% | 114.4% |
| Time to Breakeven | 2680 days | 1085 days |
In The Past
NVIDIA's stock fell -32.3% during the 2025 US Tariff Shock. Such a loss loss requires a 47.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NVIDIA (NVDA)
NVIDIA Corporation (NVDA) is a leading technology company that designs and manufactures graphics processing units (GPUs) and develops sophisticated computing and networking solutions. While initially renowned for revolutionizing PC gaming with its GeForce GPUs, the company has significantly diversified its portfolio. Today, NVIDIA's core business involves creating advanced hardware and software that power everything from immersive gaming experiences and professional visualization to artificial intelligence (AI), high-performance computing (HPC), and autonomous systems.
The company's main products and services are primarily categorized into two segments. Its Graphics segment provides GeForce GPUs for gaming PCs and cloud gaming services like GeForce NOW, alongside Quadro/NVIDIA RTX GPUs for enterprise workstations and professional design. This segment also includes software for cloud-based visual computing and its Omniverse platform for 3D design and virtual world development. The Compute & Networking segment offers Data Center platforms for AI and accelerated computing, Mellanox networking solutions, and comprehensive automotive platforms for AI cockpits, autonomous driving, and infotainment systems. Other products include Jetson for robotics and embedded platforms, and NVIDIA AI Enterprise software.
NVIDIA serves a broad global customer base across several key markets, including gaming, professional visualization, data centers, and automotive. Its innovative products and solutions are sold to original equipment manufacturers (OEMs), cloud and Internet service providers, automotive manufacturers and their suppliers, system builders, retailers, and various other technology ecosystem participants. Essentially, NVIDIA provides the underlying GPU and accelerated computing technology that enables cutting-edge applications and advancements across a multitude of industries worldwide.
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1. Intel for AI and advanced graphics chips.
2. The electric utility for AI and high-performance computing.
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- GeForce GPUs: Graphics processing units primarily for gaming and personal computers.
- GeForce NOW: A cloud-based game streaming service.
- NVIDIA RTX/Quadro GPUs: Professional-grade graphics processing units for enterprise workstations and creative applications.
- vGPU Software: Software enabling virtualized graphics and computing in cloud environments.
- Omniverse Software: A platform for 3D design collaboration and building virtual worlds.
- Data Center Platforms: Integrated hardware and software systems for AI, high-performance computing (HPC), and accelerated computing in data centers.
- Mellanox Networking: High-performance networking and interconnect solutions for data centers and supercomputers.
- Autonomous Driving Solutions: Comprehensive platforms, software, and development agreements for autonomous vehicles and AI-powered automotive cockpits.
- Jetson Platforms: Compact, high-performance computing platforms for robotics and other embedded AI applications.
- NVIDIA AI Enterprise: A software suite and framework for accelerating enterprise AI deployment and development.
- Cryptocurrency Mining Processors (CMPs): Specialized processors designed for efficient cryptocurrency mining.
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NVIDIA Corporation (NVDA) primarily sells its products to other companies rather than directly to individuals. The company's customer base includes various enterprise segments as outlined in its description.
Based on the provided background and general market knowledge consistent with NVIDIA's operations, its major customers are found within the categories of Internet and Cloud Service Providers, Original Equipment Manufacturers (OEMs)/System Builders, and Automotive Manufacturers. While the background description lists categories of customers, the following are prominent examples of major companies within those categories that are widely recognized as significant customers of NVIDIA:
- Microsoft Corp. (MSFT) - As a major cloud service provider (Azure) and enterprise software vendor, Microsoft utilizes NVIDIA's data center GPUs for AI, HPC, and cloud computing infrastructure.
- Amazon.com Inc. (AMZN) - Through its Amazon Web Services (AWS) division, Amazon is a substantial consumer of NVIDIA's data center GPUs to power its cloud AI, machine learning, and high-performance computing services.
- Alphabet Inc. (GOOGL) - Google Cloud Platform, a subsidiary of Alphabet, also heavily relies on NVIDIA's GPU technology for its AI workloads, data analytics, and various cloud services.
- Dell Technologies Inc. (DELL) - As a leading OEM and system builder, Dell integrates NVIDIA's GPUs into its servers, workstations, and personal computers, catering to enterprise, professional visualization, and gaming markets.
- Mercedes-Benz Group AG (MBG.DE) - Mercedes-Benz has a strategic partnership with NVIDIA for developing software-defined vehicles and next-generation in-car computing platforms, including AI Cockpit and autonomous driving solutions.
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Taiwan Semiconductor Manufacturing Company (TSM)
SK Hynix Inc. (000660.KS)
Samsung Electronics Co., Ltd. (005930.KS)
Micron Technology, Inc. (MU)
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Jensen Huang
Founder, President, and Chief Executive Officer
Jensen Huang co-founded NVIDIA in 1993 and has served as its President and CEO since its inception. He previously gained experience in the tech industry, working at Advanced Micro Devices (AMD) and LSI Logic Corporation, where he rose to become a division director. Huang earned a bachelor's degree in electrical engineering from Oregon State University and a master's degree in electrical engineering from Stanford University. Under his leadership, NVIDIA navigated early challenges, including near-bankruptcy in the 1990s, and expanded into GPU production, high-performance computing, and artificial intelligence.
Colette Kress
Executive Vice President and Chief Financial Officer
Colette Kress joined NVIDIA in September 2013 as Executive Vice President and Chief Financial Officer, overseeing the company's financial strategy and operations. She has over three decades of experience in senior finance roles within the technology sector. Before NVIDIA, Kress spent three years as Senior Vice President and CFO of Cisco's Business Technology and Operations Finance organization. Prior to that, she worked for 13 years at Microsoft, including four years as CFO of the Server and Tools division, and held various senior corporate planning and finance positions. She began her career at Texas Instruments. Kress holds an MBA from Southern Methodist University and a bachelor's degree in finance from the University of Arizona.
Chris A. Malachowsky
Founder and NVIDIA Fellow
Chris A. Malachowsky is a co-founder of NVIDIA and currently serves as an NVIDIA Fellow. He has held various positions at the company since its founding in 1993, overseeing areas such as IT, operations, and product engineering. Before co-founding NVIDIA, Malachowsky held engineering and technical leadership roles at companies including Hewlett-Packard and Sun Microsystems.
Debora Shoquist
Executive Vice President, Operations
Debora Shoquist serves as the Executive Vice President of Operations at NVIDIA, a role she has held since joining the company in 2007. With over two decades of experience prior to NVIDIA, she managed operations at various companies, including Quantum and Coherent.
Jay Puri
Executive Vice President, Worldwide Field Operations
Jay Puri is the Executive Vice President of Worldwide Field Operations at NVIDIA, responsible for overseeing the company's global business, including sales, partnerships, program management, and support services. Prior to joining NVIDIA in 2005, Puri accumulated over two decades of experience in sales, marketing, and management, including a significant tenure as Senior Vice President of the Asia-Pacific Group at Sun Microsystems, and roles at Hewlett-Packard, Booz Allen, and Texas Instruments.
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The key risks to NVIDIA's business include:
- Intensifying Competition from Hyperscalers and Rivals: A significant risk to NVIDIA stems from its largest customers, major hyperscalers such as Google, Amazon, Microsoft, and Meta, increasingly developing their own custom artificial intelligence (AI) chips and accelerators (e.g., Google's TPU, Amazon's Inferentia/Tranium, Microsoft's Maia, Meta's MTIA, and Tesla's Dojo D1). This trend aims to reduce their dependence on NVIDIA and optimize hardware for their specific AI workloads, particularly for inference, which could erode NVIDIA's market share and revenue from its critical Data Center segment. Additionally, traditional rivals like Advanced Micro Devices (AMD) with its MI300 series and Intel with its Gaudi accelerators are ramping up competition in the AI chip market.
- Geopolitical Tensions and Export Controls: NVIDIA operates in a global market and faces substantial geopolitical risks, especially regarding U.S. government restrictions on selling advanced AI chips to China and other regions. China has historically been a major market for NVIDIA, significantly contributing to its data center revenue. These export controls can directly reduce sales, necessitate product redesigns, create uncertainty for customers, and enable local competitors to gain traction, thereby impacting NVIDIA's growth prospects and operational complexity.
- Reliance on the AI Boom and Potential for Decelerating AI Spending: NVIDIA's recent explosive revenue growth has been largely fueled by the high demand for AI infrastructure, particularly for training large AI models. However, the business faces a risk if enterprises or hyperscalers slow down their AI capital expenditures, overbuild their infrastructure, or if the evolution of AI workloads shifts away from NVIDIA's primary offerings (e.g., toward more efficient inference or custom accelerators). The market's extremely high expectations for NVIDIA's continued rapid growth also make the company vulnerable to any perceived deceleration in AI spending or shifts in technological requirements.
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The following are clear emerging threats for NVIDIA:
- Major cloud service providers and hyperscalers developing their own custom AI accelerators and chips: Companies such as Google (TPUs), Amazon (Inferentia/Trainium), and Microsoft are investing significantly in designing specialized silicon tailored for AI and machine learning workloads within their own data centers. This strategic shift aims to optimize performance, reduce operational costs, and decrease reliance on third-party GPU manufacturers like NVIDIA for critical AI infrastructure.
- Automotive manufacturers and autonomous driving companies designing their own custom AI and autonomous driving chips: A growing number of prominent automotive companies and autonomous vehicle developers are pursuing in-house development of specialized silicon for advanced driver-assistance systems (ADAS) and autonomous driving capabilities. This trend could reduce the market demand for NVIDIA's automotive AI platforms and solutions.
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Here are the addressable market sizes for NVIDIA's main products and services:
- Gaming GPUs (GeForce GPUs): The global gaming GPU market size was estimated at USD 87.57 billion in 2025.
- Professional Visualization (Quadro/NVIDIA RTX GPUs): The global advanced visualization market was valued at US$3.78 billion in 2024.
- Automotive Platforms (AI Cockpit, Autonomous Driving, ADAS): The global automotive advanced driver assistance system market size was estimated at USD 68.26 billion in 2025.
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Data Center Platforms and Systems:
- AI Data Center (including GPU-based compute servers): The global AI Data Center Market size is anticipated to grow from USD 236.44 billion in 2025.
- High Performance Computing (HPC): The global high performance computing market size was valued at USD 59.33 billion in 2025.
- Data Center Networking Solutions (Mellanox): The global Data Center Networking Market is projected to grow from USD 55.64 billion in 2025.
- Omniverse Software (Industrial Metaverse): The global industrial metaverse market size was valued at USD 29.05 billion in 2025.
- Jetson (Robotics and Embedded Platforms): The global embedded AI market size was valued at USD 11.7 billion in 2025.
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NVIDIA (NVDA) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Sustained Demand for Data Center AI Infrastructure: NVIDIA anticipates continued exponential growth in demand for its AI computing power and data center platforms. Hyperscalers, cloud service providers, and enterprises are expected to maintain heavy investments in AI infrastructure, including NVIDIA's GPUs and accelerated computing solutions. The company's Blackwell and upcoming Vera Rubin architectures are key to meeting this demand. NVIDIA's CEO Jensen Huang has projected cumulative revenue from 2025-2027 for AI infrastructure to exceed $1 trillion.
- Expansion into Diverse AI Applications and Vertical Markets: Beyond traditional data center applications, NVIDIA expects significant growth from the expansion of AI into new and diverse vertical industries. These include automotive, financial services, healthcare, and robotics. The adoption of generative AI workloads, such as data preparation, large language model (LLM) fine-tuning, and retrieval augmented generation, is increasingly driving enterprise demand.
- Growth in the Automotive Segment: The automotive sector is a crucial growth driver, particularly with the increasing adoption of autonomous driving and AI cockpit solutions. Automakers are incorporating NVIDIA's DRIVE platform for software-defined autonomous vehicle fleets. Strategic partnerships with companies like Li Auto, Great Wall Motor, ZEEKR, Xiaomi EV, Hyundai, and Kia underscore this growth.
- Continuous Introduction of New Products and Architectural Advancements: NVIDIA's pipeline of new product launches and architectural innovations will be vital for future revenue. This includes new generations of GPUs like the Blackwell Ultra GB300 and B300 series chips, and the forthcoming Vera Rubin AI system, which are designed to offer substantial performance improvements and drive upgrade cycles.
- Development and Expansion of Software and Services: Growth in NVIDIA's software and services offerings, such as the NVIDIA AI Enterprise suite and the Omniverse platform, is also an expected revenue driver. These solutions enable various industrial applications, from digital twin creation and simulation in automotive design to broader AI development and deployment for enterprises.
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Share Repurchases
- In August 2024, NVIDIA's board approved a $50 billion share repurchase authorization.
- In August 2025, the board authorized an additional $60 billion increase to its share repurchase program, which has no expiration date.
- NVIDIA's annual share buybacks amounted to $10.039 billion in 2023, $9.533 billion in 2024, and $33.706 billion in 2025.
Share Issuance
- NVIDIA's annual stock-based compensation for 2023 was $2.709 billion.
- The company's annual stock-based compensation for 2024 was $3.549 billion.
- NVIDIA's annual stock-based compensation for 2025 was $4.737 billion.
Outbound Investments
- NVIDIA committed up to $100 billion to OpenAI in September 2025 for AI infrastructure deployment, structured as 10 separate $10 billion investments, with the first tranche tied to infrastructure deployment goals.
- The company announced plans to acquire a $5 billion stake in Intel in September 2025, aiming for collaboration on AI processors.
- NVIDIA entered into an approximately $20 billion agreement with Groq in December 2025, which includes non-exclusive licensing of Groq's AI inference technology, acquisition of key assets, and key personnel joining NVIDIA.
Capital Expenditures
- NVIDIA's capital expenditures were $1.833 billion in fiscal year 2023, $1.069 billion in fiscal year 2024, and increased to $3.236 billion in fiscal year 2025.
- Capital expenditures for the fiscal year ending January 2026 peaked at $6.042 billion.
- The primary focus of these capital expenditures is to support the rapid development of AI infrastructure and data center buildouts to meet the surging demand for its GPUs.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 246.37 |
| Mkt Cap | 711.2 |
| Rev LTM | 49,125 |
| Op Inc LTM | 7,879 |
| FCF LTM | 10,538 |
| FCF 3Y Avg | 8,160 |
| CFO LTM | 12,132 |
| CFO 3Y Avg | 12,119 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 33.2% |
| Rev Chg 3Y Avg | 17.2% |
| Rev Chg Q | 32.7% |
| QoQ Delta Rev Chg LTM | 7.3% |
| Op Inc Chg LTM | 71.9% |
| Op Inc Chg 3Y Avg | 130.9% |
| Op Mgn LTM | 21.0% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 29.0% |
| CFO/Rev 3Y Avg | 29.4% |
| FCF/Rev LTM | 25.5% |
| FCF/Rev 3Y Avg | 25.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 711.2 |
| P/S | 21.0 |
| P/Op Inc | 112.8 |
| P/EBIT | 39.9 |
| P/E | 46.3 |
| P/CFO | 56.4 |
| Total Yield | 1.7% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | 110.8% |
| 6M Rtn | 82.7% |
| 12M Rtn | 173.7% |
| 3Y Rtn | 337.0% |
| 1M Excs Rtn | 5.7% |
| 3M Excs Rtn | 99.0% |
| 6M Excs Rtn | 71.0% |
| 12M Excs Rtn | 158.6% |
| 3Y Excs Rtn | 262.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Compute & Networking | 193,479 | 116,193 | 47,405 | 15,068 | 11,046 |
| Graphics | 22,459 | 14,304 | 13,517 | 11,906 | 15,868 |
| All Other | 0 | 0 | |||
| Total | 215,938 | 130,497 | 60,922 | 26,974 | 26,914 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Compute & Networking | 130,141 | 82,875 | 32,016 | 5,083 | 4,598 |
| Graphics | 9,156 | 5,085 | 5,846 | 4,552 | 8,492 |
| Acquisition-related and other costs | -527 | -599 | |||
| Unallocated operating expenses | -1,997 | -1,171 | |||
| Stock-based compensation expense | -6,386 | -4,737 | |||
| All Other | -4,890 | -5,411 | -3,049 | ||
| Total | 130,387 | 81,453 | 32,972 | 4,224 | 10,041 |
Price Behavior
Price Behavior
| Market Price | $207.41 | |
| Market Cap ($ Bil) | 5,037.2 | |
| First Trading Date | 01/22/1999 | |
| Distance from 52W High | -11.9% | |
| 50 Days | 200 Days | |
| DMA Price | $208.01 | $189.33 |
| DMA Trend | up | up |
| Distance from DMA | -0.3% | 9.5% |
| 3M | 1YR | |
| Volatility | 40.8% | 35.2% |
| Downside Capture | 216.04 | 188.91 |
| Upside Capture | 177.43 | 181.02 |
| Correlation (SPY) | 70.1% | 64.7% |
NVDA Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.44 | 1.57 | 1.65 | 1.82 | 1.79 | 2.05 |
| Up Beta | 4.58 | 1.30 | 1.48 | 1.90 | 1.58 | 2.02 |
| Down Beta | 3.11 | 3.03 | 1.95 | 2.02 | 2.01 | 1.89 |
| Up Capture | 140% | 146% | 182% | 200% | 262% | 3132% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 25 | 35 | 66 | 136 | 409 |
| Down Capture | 188% | 182% | 153% | 154% | 147% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 16 | 28 | 58 | 114 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVDA | |
|---|---|---|---|---|
| NVDA | 46.5% | 35.2% | 1.14 | - |
| Sector ETF (XLK) | 57.1% | 23.0% | 1.89 | 73.8% |
| Equity (SPY) | 27.2% | 12.4% | 1.66 | 64.7% |
| Gold (GLD) | 25.8% | 27.4% | 0.82 | 17.4% |
| Commodities (DBC) | 23.3% | 18.9% | 0.98 | -2.5% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.69 | -5.1% |
| Bitcoin (BTCUSD) | -37.7% | 42.4% | -1.00 | 38.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVDA | |
|---|---|---|---|---|
| NVDA | 64.4% | 51.7% | 1.15 | - |
| Sector ETF (XLK) | 22.6% | 25.2% | 0.79 | 80.5% |
| Equity (SPY) | 13.8% | 17.1% | 0.63 | 70.2% |
| Gold (GLD) | 17.6% | 18.2% | 0.78 | 7.4% |
| Commodities (DBC) | 7.8% | 19.4% | 0.30 | 9.9% |
| Real Estate (VNQ) | 2.5% | 18.8% | 0.04 | 29.6% |
| Bitcoin (BTCUSD) | 12.1% | 54.2% | 0.42 | 32.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVDA | |
|---|---|---|---|---|
| NVDA | 68.4% | 49.8% | 1.24 | - |
| Sector ETF (XLK) | 25.1% | 24.7% | 0.92 | 76.4% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 65.9% |
| Gold (GLD) | 12.8% | 16.1% | 0.66 | 4.8% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 15.7% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 32.9% |
| Bitcoin (BTCUSD) | 60.7% | 66.8% | 1.00 | 21.6% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | -1.8% | -4.1% | |
| 2/25/2026 | -5.5% | -6.4% | -12.4% |
| 11/19/2025 | -3.2% | -3.4% | -1.5% |
| 8/27/2025 | -0.8% | -5.5% | -1.9% |
| 5/28/2025 | 3.2% | 5.3% | 17.0% |
| 2/26/2025 | -8.5% | -10.6% | -15.1% |
| 11/20/2024 | 0.5% | -7.2% | -7.7% |
| 8/28/2024 | -6.4% | -14.6% | -3.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 9 |
| # Negative | 12 | 12 | 14 |
| Median Positive | 4.6% | 10.5% | 21.2% |
| Median Negative | -4.3% | -5.9% | -4.2% |
| Max Positive | 24.4% | 30.2% | 35.5% |
| Max Negative | -8.5% | -14.6% | -29.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | -1.8% | -4.1% | |
| 2/25/2026 | -5.5% | -6.4% | -12.4% |
| 11/19/2025 | -3.2% | -3.4% | -1.5% |
| 8/27/2025 | -0.8% | -5.5% | -1.9% |
| 5/28/2025 | 3.2% | 5.3% | 17.0% |
| 2/26/2025 | -8.5% | -10.6% | -15.1% |
| 11/20/2024 | 0.5% | -7.2% | -7.7% |
| 8/28/2024 | -6.4% | -14.6% | -3.3% |
| 5/22/2024 | 9.3% | 16.4% | 24.4% |
| 2/21/2024 | 16.4% | 15.1% | 35.5% |
| 11/21/2023 | -2.5% | -3.6% | -1.9% |
| 8/23/2023 | 0.1% | 4.6% | -11.7% |
| 5/24/2023 | 24.4% | 30.2% | 33.1% |
| 2/22/2023 | 14.0% | 9.4% | 31.0% |
| 11/16/2022 | -1.5% | 3.8% | 4.2% |
| 8/8/2022 | -6.3% | -1.5% | -29.1% |
| 5/25/2022 | 5.2% | 15.4% | -0.6% |
| 2/16/2022 | -7.6% | -10.4% | -0.2% |
| 11/17/2021 | 8.2% | 11.7% | -5.0% |
| 8/18/2021 | 4.0% | 16.7% | 15.0% |
| 5/26/2021 | -1.3% | 8.1% | 21.2% |
| 2/24/2021 | -8.2% | -11.7% | -13.5% |
| 11/18/2020 | 0.1% | -1.4% | -1.1% |
| 8/19/2020 | 0.0% | 5.2% | 0.4% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 9 |
| # Negative | 12 | 12 | 14 |
| Median Positive | 4.6% | 10.5% | 21.2% |
| Median Negative | -4.3% | -5.9% | -4.2% |
| Max Positive | 24.4% | 30.2% | 35.5% |
| Max Negative | -8.5% | -14.6% | -29.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/20/2026 | 10-Q |
| 01/31/2026 | 02/25/2026 | 10-K |
| 10/31/2025 | 11/19/2025 | 10-Q |
| 07/31/2025 | 08/27/2025 | 10-Q |
| 04/30/2025 | 05/28/2025 | 10-Q |
| 01/31/2025 | 02/26/2025 | 10-K |
| 10/31/2024 | 11/20/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 02/21/2024 | 10-K |
| 10/31/2023 | 11/21/2023 | 10-Q |
| 07/31/2023 | 08/28/2023 | 10-Q |
| 04/30/2023 | 05/26/2023 | 10-Q |
| 01/31/2023 | 02/24/2023 | 10-K |
| 10/31/2022 | 11/18/2022 | 10-Q |
| 07/31/2022 | 08/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/20/2026 | 10-Q |
| 01/31/2026 | 02/25/2026 | 10-K |
| 10/31/2025 | 11/19/2025 | 10-Q |
| 07/31/2025 | 08/27/2025 | 10-Q |
| 04/30/2025 | 05/28/2025 | 10-Q |
| 01/31/2025 | 02/26/2025 | 10-K |
| 10/31/2024 | 11/20/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 02/21/2024 | 10-K |
| 10/31/2023 | 11/21/2023 | 10-Q |
| 07/31/2023 | 08/28/2023 | 10-Q |
| 04/30/2023 | 05/26/2023 | 10-Q |
| 01/31/2023 | 02/24/2023 | 10-K |
| 10/31/2022 | 11/18/2022 | 10-Q |
| 07/31/2022 | 08/31/2022 | 10-Q |
| 04/30/2022 | 05/27/2022 | 10-Q |
| 01/31/2022 | 03/18/2022 | 10-K |
| 10/31/2021 | 11/22/2021 | 10-Q |
| 07/31/2021 | 08/20/2021 | 10-Q |
| 04/30/2021 | 05/26/2021 | 10-Q |
| 01/31/2021 | 02/26/2021 | 10-K |
| 10/31/2020 | 11/18/2020 | 10-Q |
| 07/31/2020 | 08/19/2020 | 10-Q |
| 04/30/2020 | 05/21/2020 | 10-Q |
| 01/31/2020 | 02/20/2020 | 10-K |
| 10/31/2019 | 11/14/2019 | 10-Q |
| 07/31/2019 | 08/15/2019 | 10-Q |
Recent Forward Guidance
Updated 5/21/2026Latest: Q1 2027 Earnings Reported 5/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 89.18 Bil | 91.00 Bil | 16.7% | Raised | Guidance: 78.00 Bil for Q1 2027 | ||
| Q2 2027 GAAP Gross Margin | 74.4% | 74.9% | 0 | 0 | Affirmed | Guidance: 74.9% for Q1 2027 | |
| Q2 2027 Non-GAAP Gross Margin | 74.5% | 75.0% | 0 | 0 | Affirmed | Guidance: 75.0% for Q1 2027 | |
| Q2 2027 GAAP Operating Expenses | 8.50 Bil | 10.4% | Raised | Guidance: 7.70 Bil for Q1 2027 | |||
| Q2 2027 Non-GAAP Operating Expenses | 8.30 Bil | 10.7% | Raised | Guidance: 7.50 Bil for Q1 2027 | |||
| 2027 Tax Rate | 16.0% | 17.0% | 18.0% | -5.6% | -1.0% | Lowered | Guidance: 18.0% for 2027 |
Prior: Q4 2026 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 76.44 Bil | 78.00 Bil | 79.56 Bil | 20.0% | Higher New | Guidance: 65.00 Bil for Q4 2026 | |
| Q1 2027 GAAP Gross Margin | 74.4% | 74.9% | 75.4% | 0.1% | 0.1% | Higher New | Guidance: 74.8% for Q4 2026 |
| Q1 2027 Non-GAAP Gross Margin | 74.5% | 75.0% | 75.5% | 0 | 0 | Same New | Guidance: 75.0% for Q4 2026 |
| Q1 2027 GAAP Operating Expenses | 7.70 Bil | 14.9% | Higher New | Guidance: 6.70 Bil for Q4 2026 | |||
| Q1 2027 Non-GAAP Operating Expenses | 7.50 Bil | 50.0% | Higher New | Guidance: 5.00 Bil for Q4 2026 | |||
| 2027 GAAP Tax Rate | 17.0% | 18.0% | 19.0% | Higher New | |||
| 2027 Non-GAAP Tax Rate | 17.0% | 18.0% | 19.0% | Higher New | |||
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Neal, Stephen C | The Neal/Rhyu Revocable Trust dated 5/2/2017 | Sell | 6052026 | 215.73 | 15,500 | 3,343,863 | 25,054,164 | Form | |
| 2 | Stevens, Mark A | Trust | Sell | 6042026 | 219.83 | 500,000 | 109,913,900 | 1,406,847,579 | Form | |
| 3 | Stevens, Mark A | Trust | Sell | 6042026 | 222.38 | 500,000 | 111,188,700 | 1,534,353,136 | Form | |
| 4 | Dabiri, John | Direct | Sell | 5292026 | 214.00 | 625 | 133,750 | 3,030,882 | Form | |
| 5 | Stevens, Mark A | Trust | Sell | 3242026 | 173.68 | 221,682 | 38,502,524 | 1,285,218,746 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Neal, Stephen C | The Neal/Rhyu Revocable Trust dated 5/2/2017 | Sell | 6052026 | 215.73 | 15,500 | 3,343,863 | 25,054,164 | Form | |
| 2 | Stevens, Mark A | Trust | Sell | 6042026 | 219.83 | 500,000 | 109,913,900 | 1,406,847,579 | Form | |
| 3 | Stevens, Mark A | Trust | Sell | 6042026 | 222.38 | 500,000 | 111,188,700 | 1,534,353,136 | Form | |
| 4 | Dabiri, John | Direct | Sell | 5292026 | 214.00 | 625 | 133,750 | 3,030,882 | Form | |
| 5 | Stevens, Mark A | Trust | Sell | 3242026 | 173.68 | 221,682 | 38,502,524 | 1,285,218,746 | Form | |
| 6 | Robertson, Donald F JR | Principal Accounting Officer | Direct | Sell | 3202026 | 174.75 | 5,396 | 942,944 | 58,911,286 | Form |
| 7 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 3202026 | 174.89 | 42,650 | 7,458,954 | 154,143,618 | Form |
| 8 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 3202026 | 174.89 | 10,000 | 1,748,876 | 14,526,164 | Form |
| 9 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 3202026 | 174.89 | 10,000 | 1,748,876 | 124,683,295 | Form |
| 10 | Shah, Aarti S | Direct | Sell | 3202026 | 176.71 | 19,000 | 3,357,549 | 6,362,909 | Form | |
| 11 | Puri, Ajay K | EVP, Worldwide Field Ops | Trust | Sell | 3202026 | 182.25 | 300,000 | 54,676,140 | 550,141,658 | Form |
| 12 | Dabiri, John | Direct | Sell | 3172026 | 184.90 | 3,004 | 555,440 | 2,734,301 | Form | |
| 13 | Puri, Ajay K | EVP, Worldwide Field Ops | Trust | Sell | 3112026 | 182.52 | 300,000 | 54,756,044 | 605,701,681 | Form |
| 14 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 2062026 | 175.72 | 27,640 | 4,856,861 | 148,793,566 | Form |
| 15 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 2062026 | 175.72 | 10,000 | 1,757,186 | 16,352,372 | Form |
| 16 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 2062026 | 175.72 | 10,000 | 1,757,186 | 127,032,942 | Form |
| 17 | Puri, Ajay K | EVP, Worldwide Field Ops | Trust | Sell | 1232026 | 180.04 | 200,000 | 36,007,160 | 651,468,004 | Form |
| 18 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 1152026 | 184.92 | 27,640 | 5,111,185 | 161,696,145 | Form |
| 19 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 1152026 | 184.92 | 10,000 | 1,849,199 | 19,057,842 | Form |
| 20 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 1152026 | 184.92 | 10,000 | 1,849,198 | 135,534,045 | Form |
| 21 | Puri, Ajay K | EVP, Worldwide Field Ops | Trust | Sell | 1092026 | 187.82 | 200,000 | 37,563,619 | 717,192,230 | Form |
| 22 | Robertson, Donald F JR | Principal Accounting Officer | Direct | Sell | 1062026 | 189.85 | 80,000 | 15,187,742 | 65,850,253 | Form |
| 23 | Stevens, Mark A | Trust | Sell | 12222025 | 180.17 | 222,500 | 40,087,380 | 1,373,141,944 | Form | |
| 24 | Robertson, Donald F JR | Principal Accounting Officer | Direct | Sell | 12222025 | 179.98 | 24,590 | 4,425,727 | 76,826,583 | Form |
| 25 | Jones, Harvey C | H.C. Jones Living Trust | Sell | 12172025 | 177.33 | 250,000 | 44,333,450 | 1,229,504,889 | Form | |
| 26 | Shoquist, Debora | EVP, Operations | Trust | Sell | 12122025 | 177.85 | 69,840 | 12,420,972 | 253,364,165 | Form |
| 27 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 12122025 | 178.11 | 30,500 | 5,432,499 | 229,202,640 | Form |
| 28 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 12122025 | 178.11 | 10,000 | 1,781,147 | 20,137,647 | Form |
| 29 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 12122025 | 178.11 | 10,000 | 1,781,147 | 132,327,462 | Form |
| 30 | Shoquist, Debora | EVP, Operations | Trust | Sell | 12122025 | 178.90 | 80,000 | 14,311,661 | 267,349,523 | Form |
| 31 | Shoquist, Debora | EVP, Operations | Trust | Sell | 12122025 | 183.52 | 80,000 | 14,681,882 | 288,947,330 | Form |
| 32 | Shoquist, Debora | EVP, Operations | Trust | Sell | 12102025 | 184.65 | 80,000 | 14,771,657 | 305,485,807 | Form |
| 33 | Stevens, Mark A | Trust | Sell | 12092025 | 181.73 | 350,000 | 63,604,065 | 1,281,131,795 | Form | |
| 34 | Seawell, A Brooke | Administrative Trust | Sell | 12042025 | 183.93 | 12,728 | Form | |||
| 35 | Dabiri, John | Direct | Sell | 11262025 | 179.42 | 626 | 112,317 | 3,192,241 | Form | |
| 36 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 11052025 | 208.33 | 27,640 | 5,758,257 | 589,184,237 | Form |
| 37 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 11052025 | 208.33 | 10,000 | 2,083,307 | 25,637,172 | Form |
| 38 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 11052025 | 208.33 | 10,000 | 2,083,306 | 156,859,158 | Form |
| 39 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10312025 | 207.91 | 25,000 | 5,197,790 | 14,498,342,411 | Form |
| 40 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10282025 | 195.54 | 25,000 | 4,888,535 | 13,640,617,644 | Form |
| 41 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10282025 | 190.73 | 25,000 | 4,768,182 | 13,309,561,796 | Form |
| 42 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10282025 | 185.35 | 75,000 | 13,901,544 | 12,939,224,349 | Form |
| 43 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10232025 | 181.80 | 75,000 | 13,635,063 | 12,704,825,415 | Form |
| 44 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10232025 | 179.91 | 75,000 | 13,493,288 | 12,586,215,469 | Form |
| 45 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 10232025 | 181.42 | 27,640 | 5,014,328 | 518,079,827 | Form |
| 46 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 10232025 | 181.42 | 10,000 | 1,814,157 | 24,139,172 | Form |
| 47 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 10232025 | 181.42 | 10,000 | 1,814,156 | 138,408,121 | Form |
| 48 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10232025 | 181.41 | 75,000 | 13,606,049 | 12,705,002,559 | Form |
| 49 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10202025 | 183.38 | 75,000 | 13,753,151 | 12,856,116,475 | Form |
| 50 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10202025 | 182.31 | 75,000 | 13,673,240 | 12,795,090,611 | Form |
| 51 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10202025 | 181.76 | 75,000 | 13,632,010 | 12,770,140,804 | Form |
| 52 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10152025 | 181.01 | 75,000 | 13,575,880 | 12,731,134,941 | Form |
| 53 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10152025 | 181.92 | 75,000 | 13,644,305 | 12,808,947,064 | Form |
| 54 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10152025 | 188.25 | 75,000 | 14,118,378 | 13,268,113,081 | Form |
| 55 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10102025 | 190.20 | 75,000 | 14,264,674 | 13,419,863,572 | Form |
| 56 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10102025 | 193.22 | 75,000 | 14,491,149 | 13,647,417,176 | Form |
| 57 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10102025 | 188.39 | 75,000 | 14,129,278 | 13,320,744,763 | Form |
| 58 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10072025 | 186.48 | 75,000 | 13,986,018 | 13,199,668,594 | Form |
| 59 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10072025 | 185.79 | 75,000 | 13,934,390 | 13,164,877,814 | Form |
| 60 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10072025 | 188.40 | 75,000 | 14,130,231 | 13,364,033,567 | Form |
| 61 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10022025 | 189.32 | 75,000 | 14,199,274 | 13,443,532,145 | Form |
| 62 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10022025 | 186.61 | 75,000 | 13,995,480 | 13,264,580,200 | Form |
| 63 | Huang, Jen Hsun | President and CEO | Direct | Sell | 10022025 | 185.31 | 75,000 | 13,898,548 | 13,186,608,871 | Form |
| 64 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9292025 | 182.34 | 75,000 | 13,675,415 | 12,988,581,220 | Form |
| 65 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9292025 | 176.96 | 75,000 | 13,272,108 | 12,618,802,515 | Form |
| 66 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9292025 | 177.15 | 75,000 | 13,286,198 | 12,645,484,793 | Form |
| 67 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9242025 | 177.60 | 75,000 | 13,320,009 | 12,690,985,011 | Form |
| 68 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9242025 | 179.48 | 75,000 | 13,460,870 | 12,838,655,038 | Form |
| 69 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9242025 | 179.01 | 75,000 | 13,425,474 | 12,818,321,241 | Form |
| 70 | Drell, Persis | The Welch-Drell 2009 Revocable Trust | Sell | 9232025 | 177.65 | 40,000 | 7,106,120 | 24,647,577 | Form | |
| 71 | Stevens, Mark A | Trust | Sell | 9232025 | 176.39 | 350,000 | 61,737,305 | 1,305,268,271 | Form | |
| 72 | Jones, Harvey C | H.C. Jones Living Trust | Sell | 9222025 | 176.21 | 250,000 | 44,053,700 | 1,265,800,249 | Form | |
| 73 | Robertson, Donald F JR | Principal Accounting Officer | Direct | Sell | 9192025 | 176.37 | 3,500 | 617,298 | 80,573,281 | Form |
| 74 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 9192025 | 176.40 | 30,500 | 5,380,183 | 508,630,538 | Form |
| 75 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 9192025 | 176.40 | 10,000 | 1,763,995 | 25,235,706 | Form |
| 76 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 9192025 | 176.40 | 10,000 | 1,763,994 | 136,345,084 | Form |
| 77 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9192025 | 176.42 | 75,000 | 13,231,586 | 12,646,432,400 | Form |
| 78 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9192025 | 175.69 | 75,000 | 13,177,125 | 12,607,557,409 | Form |
| 79 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9192025 | 170.30 | 75,000 | 12,772,838 | 12,233,518,447 | Form |
| 80 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9162025 | 175.68 | 75,000 | 13,176,267 | 12,640,145,431 | Form |
| 81 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9162025 | 176.57 | 75,000 | 13,242,958 | 12,717,365,726 | Form |
| 82 | Neal, Stephen C | The Neal/Rhyu Revocable Trust dated 5/2/2017 | Sell | 9162025 | 177.58 | 28,000 | 4,972,344 | 25,467,278 | Form | |
| 83 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9162025 | 177.72 | 75,000 | 13,329,006 | 12,813,327,606 | Form |
| 84 | Stevens, Mark A | Trust | Sell | 9152025 | 178.19 | 297,797 | 53,064,418 | 1,380,936,622 | Form | |
| 85 | Stevens, Mark A | Trust | Sell | 9152025 | 177.47 | 200,000 | 35,494,020 | 1,428,208,377 | Form | |
| 86 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9112025 | 177.69 | 75,000 | 13,326,447 | 12,824,193,709 | Form |
| 87 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9112025 | 177.57 | 75,000 | 13,317,962 | 12,829,346,607 | Form |
| 88 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9112025 | 168.52 | 75,000 | 12,639,334 | 12,188,255,542 | Form |
| 89 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9082025 | 169.71 | 75,000 | 12,728,128 | 12,286,608,761 | Form |
| 90 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9082025 | 166.47 | 75,000 | 12,485,261 | 12,064,652,152 | Form |
| 91 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9082025 | 170.68 | 75,000 | 12,800,957 | 12,382,513,902 | Form |
| 92 | Hudson, Dawn E | Direct | Sell | 9042025 | 172.00 | 18,000 | 3,096,000 | 63,448,564 | Form | |
| 93 | Hudson, Dawn E | Direct | Sell | 9042025 | 170.63 | 72,000 | 12,285,065 | 66,012,943 | Form | |
| 94 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9032025 | 170.69 | 75,000 | 12,801,717 | 12,396,050,223 | Form |
| 95 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9032025 | 169.65 | 75,000 | 12,723,419 | 12,332,956,887 | Form |
| 96 | Huang, Jen Hsun | President and CEO | Direct | Sell | 9032025 | 174.46 | 75,000 | 13,084,531 | 12,696,071,448 | Form |
| 97 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8182025 | 179.76 | 75,000 | 13,482,287 | 13,095,476,058 | Form |
| 98 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8182025 | 181.82 | 75,000 | 13,636,256 | 13,258,663,933 | Form |
| 99 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8132025 | 181.38 | 75,000 | 13,603,815 | 13,240,725,078 | Form |
| 100 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8132025 | 182.01 | 75,000 | 13,650,506 | 13,299,820,009 | Form |
| 101 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8132025 | 182.74 | 75,000 | 13,705,213 | 13,366,826,325 | Form |
| 102 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8082025 | 182.38 | 75,000 | 13,678,621 | 13,354,569,819 | Form |
| 103 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8082025 | 181.30 | 75,000 | 13,597,693 | 13,289,157,132 | Form |
| 104 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8082025 | 178.42 | 75,000 | 13,381,240 | 13,090,996,200 | Form |
| 105 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 8062025 | 178.06 | 27,640 | 4,921,456 | 526,488,225 | Form |
| 106 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 8062025 | 178.06 | 10,000 | 1,780,555 | 27,253,181 | Form |
| 107 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 8062025 | 178.06 | 10,000 | 1,780,555 | 139,405,725 | Form |
| 108 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8052025 | 178.24 | 75,000 | 13,367,986 | 13,091,398,102 | Form |
| 109 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8052025 | 178.16 | 75,000 | 13,362,129 | 13,099,024,675 | Form |
| 110 | Huang, Jen Hsun | President and CEO | Direct | Sell | 8052025 | 174.00 | 75,000 | 13,049,778 | 12,805,873,476 | Form |
| 111 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7312025 | 179.94 | 75,000 | 13,495,365 | 13,256,627,492 | Form |
| 112 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7312025 | 178.74 | 75,000 | 13,405,475 | 13,181,733,210 | Form |
| 113 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7312025 | 177.06 | 75,000 | 13,279,434 | 13,071,074,838 | Form |
| 114 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7282025 | 175.22 | 75,000 | 13,141,830 | 12,948,771,718 | Form |
| 115 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7282025 | 173.88 | 75,000 | 13,041,334 | 12,862,793,433 | Form |
| 116 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7282025 | 172.96 | 75,000 | 12,971,847 | 12,807,229,746 | Form |
| 117 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7232025 | 169.54 | 75,000 | 12,715,423 | 12,566,775,694 | Form |
| 118 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7232025 | 167.65 | 75,000 | 12,574,020 | 12,439,599,258 | Form |
| 119 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7232025 | 172.42 | 75,000 | 12,931,301 | 12,805,992,491 | Form |
| 120 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7182025 | 172.52 | 75,000 | 12,938,765 | 12,826,322,858 | Form |
| 121 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7182025 | 173.05 | 75,000 | 12,978,797 | 12,878,985,664 | Form |
| 122 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7182025 | 170.59 | 75,000 | 12,794,200 | 12,708,602,947 | Form |
| 123 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 7172025 | 170.89 | 27,650 | 4,724,971 | 510,009,118 | Form |
| 124 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 7172025 | 170.88 | 10,000 | 1,708,850 | 27,864,507 | Form |
| 125 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 7172025 | 170.88 | 10,000 | 1,708,850 | 135,500,501 | Form |
| 126 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7152025 | 170.89 | 75,000 | 12,816,805 | 12,743,872,834 | Form |
| 127 | Seawell, A Brooke | Administrative Trust | Sell | 7152025 | 163.96 | 48,792 | 7,999,924 | 283,564,761 | Form | |
| 128 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7152025 | 164.36 | 75,000 | 12,327,082 | 12,269,264,015 | Form |
| 129 | Seawell, A Brooke | Administrative Trust | Sell | 7152025 | 166.28 | 48,112 | 7,999,983 | 295,687,752 | Form | |
| 130 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7152025 | 166.00 | 75,000 | 12,450,159 | 12,404,213,811 | Form |
| 131 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7102025 | 163.26 | 75,000 | 12,244,385 | 12,211,443,250 | Form |
| 132 | Seawell, A Brooke | Administrative Trust | Sell | 7102025 | 162.83 | 49,131 | 7,999,868 | 297,384,829 | Form | |
| 133 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7102025 | 163.11 | 75,000 | 12,233,616 | 12,212,936,834 | Form |
| 134 | Seawell, A Brooke | Administrative Trust | Sell | 7102025 | 163.36 | 48,971 | 7,999,963 | 306,386,101 | Form | |
| 135 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7102025 | 159.36 | 75,000 | 11,952,013 | 11,943,761,854 | Form |
| 136 | Seawell, A Brooke | Administrative Trust | Sell | 7102025 | 159.05 | 50,300 | 7,999,967 | 306,079,698 | Form | |
| 137 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7072025 | 158.35 | 75,000 | 11,876,160 | 11,879,837,339 | Form |
| 138 | Seawell, A Brooke | Administrative Trust | Sell | 7072025 | 158.37 | 50,514 | 7,999,871 | 312,745,324 | Form | |
| 139 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7072025 | 159.32 | 75,000 | 11,948,717 | 11,964,366,069 | Form |
| 140 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7072025 | 156.39 | 75,000 | 11,729,115 | 11,756,205,742 | Form |
| 141 | Seawell, A Brooke | Administrative Trust | Sell | 7072025 | 155.61 | 51,411 | 7,999,918 | 315,150,821 | Form | |
| 142 | Seawell, A Brooke | Administrative Trust | Sell | 7012025 | 154.62 | 51,740 | 7,999,955 | 243,788,203 | Form | |
| 143 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7012025 | 154.27 | 75,000 | 11,570,584 | 11,608,878,855 | Form |
| 144 | Seawell, A Brooke | Administrative Trust | Sell | 7012025 | 157.13 | 50,912 | 7,999,893 | 255,881,084 | Form | |
| 145 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7012025 | 157.53 | 75,000 | 11,815,013 | 11,865,932,220 | Form |
| 146 | Huang, Jen Hsun | President and CEO | Direct | Sell | 7012025 | 157.02 | 75,000 | 11,776,126 | 11,838,653,022 | Form |
| 147 | Seawell, A Brooke | Administrative Trust | Sell | 6272025 | 156.92 | 50,980 | 7,999,860 | 263,527,924 | Form | |
| 148 | Seawell, A Brooke | Administrative Trust | Sell | 6272025 | 155.47 | 51,455 | 7,999,881 | 269,021,900 | Form | |
| 149 | Puri, Ajay K | EVP, Worldwide Field Ops | Trust | Sell | 6272025 | 152.64 | 168,195 | 25,673,040 | 613,385,161 | Form |
| 150 | Seawell, A Brooke | Administrative Trust | Sell | 6272025 | 151.59 | 52,774 | 7,999,942 | 270,100,129 | Form | |
| 151 | Huang, Jen Hsun | President and CEO | Direct | Sell | 6262025 | 155.59 | 75,000 | 11,669,548 | 11,743,179,106 | Form |
| 152 | Huang, Jen Hsun | President and CEO | Direct | Sell | 6262025 | 152.54 | 75,000 | 11,440,778 | 11,524,405,932 | Form |
| 153 | Huang, Jen Hsun | President and CEO | Direct | Sell | 6262025 | 147.10 | 50,000 | 7,355,095 | 11,124,319,502 | Form |
| 154 | Seawell, A Brooke | Administrative Trust | Sell | 6242025 | 146.88 | 54,467 | 7,999,956 | 269,456,353 | Form | |
| 155 | Seawell, A Brooke | Administrative Trust | Sell | 6242025 | 143.67 | 55,681 | 7,999,893 | 271,404,870 | Form | |
| 156 | Seawell, A Brooke | Administrative Trust | Sell | 6242025 | 144.71 | 55,282 | 7,999,885 | 281,421,093 | Form | |
| 157 | Huang, Jen Hsun | President and CEO | Direct | Sell | 6232025 | 143.81 | 50,000 | 7,190,431 | 10,882,462,590 | Form |
| 158 | Huang, Jen Hsun | President and CEO | Direct | Sell | 6232025 | 144.26 | 50,000 | 7,213,154 | 10,924,065,760 | Form |
| 159 | Kress, Colette | EVP & Chief Financial Officer | Direct | Sell | 6232025 | 144.21 | 30,500 | 4,398,316 | 434,375,711 | Form |
| 160 | Kress, Colette | EVP & Chief Financial Officer | Trust | Sell | 6232025 | 144.21 | 10,000 | 1,442,072 | 24,956,491 | Form |
| 161 | Kress, Colette | EVP & Chief Financial Officer | Limited Liability Company | Sell | 6232025 | 144.21 | 10,000 | 1,442,071 | 115,788,787 | Form |
| 162 | Robertson, Donald F JR | Principal Accounting Officer | Direct | Sell | 6232025 | 143.66 | 4,500 | 646,469 | 67,178,914 | Form |
| 163 | Stevens, Mark A | Trust | Sell | 6232025 | 145.26 | 608,248 | 88,356,112 | 1,198,073,593 | Form | |
| 164 | Coxe, Tench | Trust | Sell | 6102025 | 142.80 | 1,000,000 | 142,804,600 | 3,808,792,896 | Form | |
| 165 | Stevens, Mark A | Trust | Sell | 6102025 | 142.51 | 190,000 | 27,076,729 | 1,262,038,928 | Form | |
| 166 | Stevens, Mark A | Trust | Sell | 6102025 | 141.86 | 168,849 | 23,952,126 | 1,283,201,482 | Form | |
| 167 | Stevens, Mark A | Trust | Sell | 6042025 | 140.92 | 935,000 | 131,755,618 | 1,298,489,949 | Form | |
| 168 | Stevens, Mark A | Trust | Sell | 6042025 | 137.79 | 125,836 | 17,338,678 | 1,398,505,435 | Form | |
| 169 | Burgess, Robert K | Direct | Sell | 6032025 | 134.82 | 50,000 | 6,740,820 | 27,104,028 | Form | |
| 170 | Dabiri, John | Direct | Sell | 6032025 | 138.80 | 660 | 91,608 | 2,306,717 | Form |
NVDA Trade Sentinel
Stock Conviction
ACCUMULATE (Score 7-8)
CONVICTION RATIONALE
The score reflects a world-class company with a widening competitive moat benefiting from a powerful secular tailwind in AI. The business quality is a 9 or 10. However, the current valuation already prices in enormous success, leading to a more balanced risk/reward skew from today's price. The final 'ACCUMULATE' rating suggests owning a position and adding on any material pullbacks caused by market noise rather than a change in the fundamental thesis.
STOCK ARCHETYPE
Primary: High-Beta Compounder, Secondary: Quality Compounder / StalwartNVIDIA's profile is dominated by hyper-growth (+75% in its core Data Center segment) and a high valuation (P/S >20x), fitting the 'High-Beta Compounder' archetype (70% weight). However, its exceptional profitability (75% gross margin), strong FCF generation, and widening competitive moat (CUDA) also give it characteristics of a 'Quality Compounder' (30% weight).
Looking for high-conviction positions with a better risk/reward profile? See what's currently in the
Trefis High Quality Portfolio.
INVESTMENT THESIS
The primary thesis is that NVIDIA is the sole-source enabler of the AI industrial revolution. The adoption of its next-generation 'Blackwell' and 'Rubin' platforms will fuel a durable capital investment cycle as hyperscalers, enterprises, and sovereign nations build out 'AI factories', sustaining hyper-growth well into calendar 2026 and 2027.
Mechanism:
NVIDIA captures value via the high-margin sale of its full-stack, integrated platform, including GPUs, high-speed networking (NVLink, InfiniBand), and the proprietary CUDA software ecosystem, which creates high switching costs and technological lock-in.
Supporting Evidence:
- Data Center revenue growth accelerated to +75% YoY in Q4 FY26.
- Forward guidance for Q1 FY27 ($78B midpoint) indicates sustained sequential growth, exceeding a record prior quarter.
- The CUDA software platform has a massive ecosystem of over 4 million developers, creating a deep and defensible competitive moat.
- Management has secured supply commitments into calendar 2027, signaling high confidence in long-term demand visibility.
PRIMARY RISK
The most significant friction is the long-term risk that NVIDIA's largest customers (hyperscalers, >50% of Data Center revenue) successfully develop and deploy their own custom AI silicon at scale, which would reduce NVIDIA's addressable market and erode its pricing power. This is compounded by the volatility of U.S. export controls, which could abruptly remove key geographic markets like China.
Mechanism:
Successful in-sourcing by cloud providers would directly compete with NVIDIA's core products, leading to market share loss in their most important customer segment. A severe tightening of export controls would result in a direct and immediate reduction of the company's total addressable market.
Supporting Evidence:
- Major customers including Google, Amazon, and Microsoft are developing in-house AI accelerators to reduce their dependence on NVIDIA.
- The U.S. Department of Commerce is actively drafting new rules that could broaden AI chip export license requirements beyond China, creating revenue uncertainty.
Key KPI Watchlist
| KPI | Threshold | Rationale |
|---|---|---|
| Data Center Revenue Growth YoY | > +60% YoY | This is the primary engine of the business, constituting ~90% of revenue. Sustained hyper-growth confirms the core investment thesis remains intact. |
| GAAP Gross Margin | > 72.0% | High and stable gross margins are the clearest indicator of NVIDIA's pricing power and the strength of its technological moat. Any significant compression would signal eroding competitive advantage. |
| Forward Revenue Guidance (Sequential Growth) | Positive sequential growth | Given the current breakneck pace, the market needs to see continued sequential growth to believe the AI cycle is not yet peaking. Any guidance for flat or negative sequential revenue would be a major red flag. |
Core Investment Debate
AI Factory Build-Out vs. Hyperscaler Self-Reliance
BULL VIEW
The CUDA ecosystem and rapid architectural innovation (Blackwell/Rubin) create an insurmountable moat, making NVIDIA the sole-source enabler for the multi-year AI industrial revolution.
CORE TENSION
Can NVIDIA's hyper-growth be sustained by the 'AI factory' build-out, or will its largest customers in-source custom silicon, creating a growth ceiling?
PREVAILING SENTIMENT
BULLISH
Data Center revenue growth accelerated to +75% YoY in Q4 FY26, and forward guidance for Q1 FY27 ($78B midpoint) indicates sustained, powerful sequential growth.
BEAR VIEW
Hyperscalers, representing over 50% of Data Center revenue, are aggressively developing in-house chips to cut costs and reduce dependency, posing a long-term structural threat.
Next 6 months: Risks and Catalysts
| Timeline | Event & Metric To Watch |
|---|---|
Late May 2026 | Q1 FY2027 Earnings Call Watch: Q2 FY27 forward guidance. The market needs to see continued sequential growth beyond the monster $78B guide for Q1 to keep the thesis intact. |
Late August 2026 | Q2 FY2027 Earnings Call Watch: GAAP Gross Margin. Watch for any compression below the 72% baseline established over the past year. Also, commentary on Blackwell adoption rates. |
Next 1-3 Months | U.S. AI Chip Export Control Ruling Watch: Headline: The U.S. Commerce Department issues a formal rule expanding AI chip licensing requirements beyond China, impacting sovereign AI deals. |
Late April / Late July 2026 | Hyperscaler Earnings Calls (MSFT, GOOG, AMZN, META) Watch: Headline: Any of the top 4 customers use terms like 'optimization,' 'digestion,' or 'efficiency' regarding AI infrastructure, or guide capex down sequentially. |
Key Events in Last 6 Months
| Date | Event | Stock Impact |
|---|---|---|
Oct 29, 2025 | Stock Hits New 52-Week High Details: Shares reached a new high of $207.02, driven by continued analyst upgrades and mounting evidence of an accelerating AI infrastructure spending cycle. | Rose significantly by 3.0% $201.00 -> $207.01 |
Nov 20, 2025 | Q3 FY2026 Earnings Details: Reported strong results with Data Center growth of +66% YoY. The muted stock reaction suggested the market was already anticipating a strong quarter. | Muted (-1.0%) $180.62 -> $178.86 |
Dec 1, 2025 | U.S. Export Control Update Details: The Commerce Department provided clarification on China export rules for AI chips. The stock gained as the final rules were perceived as less restrictive than worst-case fears. | Modest 1.7% gain $176.98 -> $179.90 |
Jan 12, 2026 | Sovereign AI Partnership Announcement Details: Announced a major partnership to build a sovereign AI cloud. The news confirmed a new growth vector but did not materially move the stock on the day. | Flat (0.04%) $184.85 -> $184.93 |
Feb 25, 2026 | Q4 FY2026 Earnings & Guidance Details: Reported record Data Center revenue of $62.3B (+75% YoY) and guided Q1 FY27 revenue to $78B. Despite the massive beat, the stock fell on sky-high expectations. | Plummeted 5.5% $195.54 -> $184.88 |
Mar 18, 2026 | GTC 2026 Conference Keynote Details: CEO Jensen Huang announced the next-generation 'Rubin' AI platform. The stock reaction was muted as high expectations for the product roadmap were already priced in. | Muted (-0.8%) $181.93 -> $180.40 |
Risk Management
Position Sizing
4%-6%
NORMAL
Stock trades with Explosive volatility (3.0x S&P 500) and is currently spiking. While fundamentals are pristine (Bullish sentiment, Widening Moat, High Visibility), the volatile regime caps sizing to manage drawdown risk. This is a Bucket A fundamental case constrained by Bucket C volatility.
Diversification Alternatives
TSM
INDUSTRYA picks-and-shovels play on the entire AI buildout. Benefits from NVDA, AMD, and in-house silicon growth, avoiding the direct risk of market share shifts between them.
Core Thesis: As the world's dominant semiconductor foundry with a near-monopoly on leading-edge nodes, TSM is indispensable to the AI revolution and benefits from structurally high demand.
AMD
INDUSTRYA direct, lower-valuation way to play the AI accelerator theme. Significant upside potential if it captures even a small amount of market share from NVIDIA's dominant position.
Core Thesis: AMD is the primary challenger to NVIDIA in the data center, leveraging its MI300X GPUs to gain share with hyperscalers looking for a viable second source for AI silicon.
How Is The Market Pricing NVDA?
NVIDIA is transitioning from a specialized graphics chip company to the primary engine of the AI industrial revolution, with its Data Center platform becoming the vast majority of its business.
Filter all news through the lens of Data Center growth sustainability and the competitive moat around its CUDA software ecosystem.
What will confirm the thesis
Data Center revenue growth >+50% YoY; accelerating adoption of new platforms like Blackwell and Rubin by major cloud providers; announcements of new sovereign AI cloud deployments; evidence of CUDA's widening developer ecosystem.
What will damage the thesis
Deceleration in Data Center growth below guidance; major cloud customers (AWS, Google, Microsoft) successfully deploying in-house AI accelerators at scale for critical workloads; significant performance-per-dollar gains from competitors like AMD or Intel that narrow the gap; increased US export restrictions to key markets.
Noise: Real but irrelevant to thesis
Quarterly fluctuations in the Gaming segment; single-benchmark wins/losses against competitors that don't translate to market share shifts; short-term channel inventory adjustments in the PC market.
Repricing Catalyst
The ramp of the next-generation 'Blackwell' architecture and its successor 'Rubin' are the primary catalysts. These platforms are expected to significantly lower AI inference costs, driving widespread adoption by cloud providers and enterprises building 'AI factories' and sovereign AI capabilities. Management expects sequential growth throughout calendar 2026, exceeding initial forecasts.
What NVDA Makes & Who Pays
TTM figures based on Q4 FY2026 Earnings Press Release, Feb 25 2026
AI & Cloud Data Center Processors
$193.7B TTM (89.7% of Total) · 75% MarginWhat It Is
Hopper H100, Blackwell B100/B200, and Rubin platform GPUs; Grace CPUs; NVLink interconnects; InfiniBand and Ethernet networking hardware.
Who Pays & How
Major cloud providers (AWS, Microsoft Azure, Google Cloud) and enterprises pay hundreds of billions for NVIDIA's platform because its CUDA software ecosystem and hardware performance are critical for training and deploying AI models, creating a deep technological lock-in. Over 50% of segment revenue comes from hyperscalers.
Per-unit hardware sales of GPUs, systems (DGX, HGX), and networking components.
Competition
AMD - Instinct MI300X
The MI300X offers superior memory capacity (192GB vs 80GB) and bandwidth (5.3 TB/s vs 3.35 TB/s), giving it a performance advantage in specific memory-bound AI inference tasks.
NVIDIA's CUDA software platform is the de-facto industry standard with over 4 million developers, creating high switching costs and a deep ecosystem moat that competitor hardware struggles to penetrate despite comparable or superior specs in some cases.
Gaming & PC Graphics Cards
$16.0B TTM (7.4% of Total) · 75% MarginWhat It Is
GeForce RTX series GPUs for gaming PCs and laptops, including the RTX 50 series.
Who Pays & How
PC gamers and enthusiasts pay for GeForce GPUs to get the highest performance in PC gaming, particularly for features like real-time ray tracing (RTX) and AI-powered graphics (DLSS).
Per-unit hardware sales of GPUs to add-in-board partners (e.g., ASUS, MSI) and OEMs (e.g., Dell, HP).
Competition
AMD - Radeon RX Series
AMD's Radeon GPUs often compete aggressively on a price-to-performance basis in mid-range segments.
NVIDIA's brand recognition, dominant high-end performance, and proprietary technologies like DLSS and extensive developer support maintain its market leadership.
Professional Visualization
$3.2B TTM (1.5% of Total) · 75% MarginWhat It Is
NVIDIA RTX series GPUs for professional workstations; Omniverse software platform.
Who Pays & How
Professionals in media, design, engineering, and science pay for high-performance, certified GPUs to accelerate rendering, simulation, and complex design workloads.
Per-unit hardware sales for workstations and subscriptions for software like Omniverse.
Competition
AMD - Radeon Pro series
AMD competes on price-performance in certain professional application segments.
NVIDIA's long-standing dominance, driver certifications for professional software (e.g., SolidWorks, AutoCAD), and the CUDA ecosystem provide a strong moat.
Automotive & Robotics
$2.4B TTM (1.1% of Total) · 75% MarginWhat It Is
NVIDIA DRIVE platform (Thor SoC) for autonomous driving and in-car infotainment systems; Jetson platform for robotics.
Who Pays & How
Automotive OEMs and Tier-1 suppliers pay for the DRIVE platform to power their advanced driver-assistance systems (ADAS) and autonomous vehicle technology. The high computational performance is required for processing sensor data in real-time.
Per-unit hardware sales of system-on-a-chip (SoC) modules.
Competition
Qualcomm - Snapdragon Ride
Qualcomm has deep, long-standing relationships with the automotive industry and offers an integrated platform including connectivity (5G modems).
NVIDIA's high-performance computing leadership and end-to-end software stack (DRIVE OS) for autonomous vehicle development provide a strong competitive advantage for high-end ADAS applications.
NVDA Evolution: Price Return by Era
1993–2005 · The 3D Graphics Pioneer
Winning the PC Graphics Card War
Founded in 1993, NVIDIA's early years were defined by intense competition in the nascent 3D graphics market. The launch of the GeForce 256 in 1999, the world's first GPU, was a pivotal moment, offloading complex geometry calculations from the CPU. This innovation, followed by fierce competition with rivals like 3dfx and ATI, established NVIDIA as the performance leader for PC gaming.
2006–2017 · The GPGPU Pivot
Unlocking the GPU for General Purpose Computing +1,800% (2012-2017)
The 2006 launch of CUDA (Compute Unified Device Architecture) was the company's most critical strategic inflection point. CUDA opened the GPU's parallel processing power to developers and scientists for non-graphics tasks. This sowed the seeds for the GPU to become the ideal processor for the highly parallel workloads of deep learning and scientific computing, moving NVIDIA beyond gaming and into high-performance computing.
2018–Present · The AI Data Center Era
Powering the AI Industrial Revolution +2,500% (2018-2026)
The AI boom transformed NVIDIA into a dominant force in technology. The massive computational needs of large language models and generative AI made NVIDIA's data center GPUs indispensable. Revenue from the Data Center segment exploded, eclipsing all other parts of the business and making the company the primary arms dealer for the AI revolution, with its hardware and software becoming the standard for 'AI factories' worldwide.
Market Appears To Be Skeptical Of Core Thesis
Price structure is showing early stress, with SMA alignment beginning to break down. Relative to SPY: Mildly ahead of the market but 'relative strength' trend is softening; monitor for rotation out. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is clearly negative. The market punished the print and the drift confirms distribution. Thesis is under pressure.
① Structure
-1
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
-1
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-2
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-4 / 12
1
Price Structure & Trend
Potential Bottoming · -
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2
Momentum
Pausing
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3
Relative Strength vs. SPY
Facing Relative Strength
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4
Institutional Footprint & Volume
Neutral / Mixed
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5
Volatility
Normal
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6
Key Price Levels
Range · Vol Falling
▾
7
Earnings Reaction History
Consistent Pressure
▾
8
How the Verdict Is Derived
Three Pillars
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NVIDIA — Investor Video Playlist
Products & Services
The Infrastructure Behind AI Explained | AI Factory Insider Ep. 1
Products & Services
Announcing NVIDIA RTX Spark | GTC Taipei 2026 Keynote by CEO Jensen Huang
Investor / Analyst
NVIDIA GTC Taipei 2026 Keynote | Full Replay
Investor / Analyst
Nvidia Q1 FY27 Earnings Call | $NVDA | 🔴 WATCH LIVE
Leadership
CEO Fireside Chat With Jensen Huang and Pascal Daloz at Dassault Systèmes 3DEXPERIENCE World
Products & Services
NVIDIA at CES 2026: Automotive Announcements Shaping the Future of Mobility
Leadership
Nvidia CEO Jensen Huang: Quantum computing is reaching an 'inflection point'
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/16/2026