Original author: SoSoValue Research

Nvidia released its Q1 results for fiscal year 2027, with Q1 performance expected to align closely with buyer optimistic expectations for Q2 guidance, although the buyback was slightly below investor expectations. The stock price fell 1.3% in after-hours trading, as the market lacks short-term excitement, but the mid to long-term growth logic remains clear.

Q1 Highlights: Steady and In Line with Optimistic Expectations

Nvidia's Q1 revenue reached $81.62 billion, a year-over-year increase of 85% and a quarter-over-quarter increase of 20%, roughly matching the buyer's optimistic expectation of $81-82 billion and surpassing Bloomberg's consensus expectation of $78.91 billion. The adjusted gross margin was 75%, up 14.2 percentage points year-over-year, close to Bloomberg's expectation of 75.1%. The adjusted net profit was $45.55 billion, a year-over-year increase of 139%, with adjusted EPS of $1.87, above Bloomberg's expectation of $1.77.

This quarter, Nvidia reorganized its revenue structure into data centers and edge computing to better showcase its AI-driven business structure, highlighting that orders from hyperscale customers in the data center were the core growth driver:

• Data center revenue was $75.2 billion, a year-over-year increase of 92% and a quarter-over-quarter increase of 21%, exceeding Bloomberg's expectation of $73.33 billion.

1. Hyperscale (large-scale customers, including public clouds and large internet companies) revenue was $37.9 billion, a year-over-year increase of 115%, accounting for 50.4% of data center revenue, and was the fastest-growing segment, serving as the most important revenue driver for Nvidia.
2. ACIE (AI cloud, industry, and enterprise applications) revenue was $37.4 billion, a year-over-year increase of 74%, making up 49.6% of the total.

• Edge computing (Agent & Physical AI, including PCs, gaming consoles, workstations, AI-RAN base stations, robots, and vehicles) revenue was $6.4 billion, a year-over-year increase of 29% and a quarter-over-quarter increase of 10%.

Earnings Conference Call: Vera CPU is the Core Incremental Information

The conference call revealed that the Vera CPU opens a new $200 billion market for Nvidia. The Vera CPU is designed for Agentic AI, sold both as a complement to the Rubin GPU and independently as CPU, storage nodes, and security nodes. It is expected that total CPU revenue will approach $20 billion this year, with mass production and shipping planned to start in the third quarter, representing a new increment for Nvidia's business.

Management maintains the revenue target of $1 trillion for Blackwell + Rubin from 2025 to 2027, with no adjustments yet; mass production of the Rubin platform will begin in the second half of the year, launching in Q3, ramping up in Q4, and shipments are expected to significantly increase in Q1 next year.

Moreover, revenue from China continues to be excluded from the guidance. The US government has approved H200 shipments to Chinese customers, but it is uncertain whether China will permit imports.

Q2 Performance Guidance Essentially Meets Expectations

• Q2 revenue guidance is $91 billion (±2%, excluding contributions from China), with buyer optimistic expectations at $91 billion, which essentially meets expectations.
• Adjusted gross margin is 75% (±0.5%), which also essentially meets expectations.

However, the buyback is slightly below expectations: The company has authorized an additional $80 billion in buybacks, with the quarterly dividend increased to $0.25 per share (previously $0.01), slightly lower than some investors' expectations for over $100 billion in additional buyback.

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