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Factual Summary
NVIDIA recorded FY2027 Q1 (period ended 2026-04-26) revenue of 81.6 USD billion (+85% YoY), with Data Center revenue reaching a record 75.2 USD billion. FY2026 full-year revenue was 215.9 USD billion (+65% YoY) and net income was 120.067 USD billion (per the 10-K filing). The 2026-07-17 closing price was 202.81 USD, down -2.21% from the previous day; the same day saw reports of a broad decline across the U.S. AI and semiconductor sector coinciding with the unveiling of China's Moonshot AI's new AI model 'Kimi K3'. FY2027 Q2 revenue guidance is 91.0 USD billion ±2% (E), and this guidance does not include revenue from China data center sales.
Price-Change Context Note
The 7/17 stock decline was reported amid concerns over slowing AI chip demand following the unveiling of a low-cost, high-performance model by China's Moonshot AI, alongside the 7/16 initiation of a second U.S. ITC investigation (including NVIDIA) related to Netlist's patent infringement complaint, and a broader semiconductor-sector valuation reassessment triggered by Samsung Electronics' 7/7 earnings announcement. Over the same period, the U.S. Department of Commerce's re-approval (whitelist) of Asian customers and a small volume of H200 shipments to China were also reported as facts suggesting a potential recovery in China-related revenue.
5-Year Financial Trend
| Fiscal Year | Revenue (USD Billion) | YoY | Net Income (USD Billion) |
|---|---|---|---|
| FY2024 | 60.922(A) | +125.85% | 19.3(A) |
| FY2025 | 130.497(A) | +114.2% | 31.9(A) |
| FY2026 | 215.9(A) | +65% | 120.067(A) |
Original revenue figures for FY2022–FY2023 were not obtained (omitted due to failure to verify against primary sources). FY2026 net income is confirmed at 120.067 USD billion (A) per the 10-K filing — a secondary aggregate figure (58.3 USD billion) cited early in the research was discarded after verification against the primary source.
FY2027 Q1 (period ended 2026-04-26) revenue was 81.6 USD billion (+85% YoY), with Data Center revenue of 75.2 USD billion (+92%) and GAAP gross margin of 74.9% (A). Company guidance for the next quarter (FY2027 Q2) is revenue of 91.0 USD billion ±2% (E), and this guidance does not include revenue from China data center sales.
Business Overview
NVIDIA is a semiconductor company that designs GPUs and AI-accelerated computing platforms (its fiscal year ends each January), with core business segments comprising Data Center, Gaming, Professional Visualization, and Automotive. As of FY2026, the Data Center segment accounts for the majority of revenue.
Competitor Comparison
| Company | Market Cap (USD) | Trailing PER | Forward PER |
|---|---|---|---|
| NVIDIA (NVDA) | approx. 4.8–5.0T (A) | 31.06(A) | 22.72(A) |
| TSMC (TSM) | approx. 1.98T (A) | 33.25(A) | 20.00(A) |
| Broadcom (AVGO) | approx. 1.875T (A) | 63.92(A) | 24.39(A) |
| AMD | approx. 808.38B (A) | 176.45(A) | 60.24(A) |
| Intel (INTC) | approx. 422.07B (A) | Loss (A) | 86.56(A) |
NVIDIA's share of the AI accelerator market is estimated at approximately 75–86% (E, with variance across secondary sources), while AMD is cited as the No. 2 supplier, expanding data center GPU shipments and signing large-scale supply agreements with OpenAI, Meta, and others (secondary reporting). Broadcom, without a branded GPU of its own, handles custom AI semiconductor design; in the frontier training market NVIDIA maintains an edge through its CUDA/NVLink ecosystem, while in the inference market custom ASICs and AMD are gaining share (secondary analysis). Hyperscalers' development of in-house silicon (Google TPU, Amazon Trainium, etc.) is also cited as a structural competitive factor.
Valuation
Supply and Demand Trends
The options-market Put/Call Ratio (0.61, by volume) suggests call-option dominance, but this diverges from the slowdown in retail net buying of individual stocks observed by Vanda Research (secondary). 2026 Q2 (as of 6/30) 13F filings are not yet available, as the filing deadline (2026-08-14/15) has not yet arrived.
Governance and Key Disclosures
The board of directors consists of 10 members, of whom 9 (90%), excluding CEO Jen-Hsun Huang, are independent directors. The company has no separate board chair and instead operates under an independent lead director structure (Stephen C. Neal) (DEF 14A, 2026-05-12, A).
| Holder | Ownership | As of |
|---|---|---|
| Jen-Hsun Huang (CEO) | 3.58% | 2026-03-23(A) |
| All Directors and Officers (14 persons) | 3.94% | 2026-03-23(A) |
| BlackRock, Inc. | 7.43% | As of 2023-12-31 (A, most recent 13G/A not confirmed) |
| Vanguard Capital Management LLC | 7.31% | 2026-03-31(A) |
During FY2026, the company repurchased 40.4 USD billion in stock (282 million shares); of the 60 USD billion buyback authorization approved on 2025-08-26, 58.5 USD billion remained as of 2026-01-25. FY2026 cash dividends paid totaled 974 million USD, with dividends at the board's discretion (not a fixed dividend policy). Huang's recent Form 4 filings are mostly RSU/PSU tax-withholding dispositions (Code F) and gratuitous transfers between family trusts (Code G), with regular small dispositions under a Rule 10b5-1 pre-arranged plan (Code S) also confirmed. No disclosures related to large stake acquisitions or changes in control (Schedule 13D) were found.
Macro Impact Mapping
| Factor | Current Value (as of) | Impact Channel |
|---|---|---|
| U.S. Fed Funds Rate | 3.50–3.75% (held 2026-06-17) | Sustained high rates raise the discount rate, pressuring valuations |
| U.S. 10-Year Treasury Yield | 4.55% (2026-07-17) | DCF discount-rate channel, recently eased slightly |
| Hyperscaler AI Capex (2026) | Combined approx. 725 USD billion (+77% YoY) | Top-level demand driver for Data Center revenue |
| SOX Index | 11,673.9 (2026-07-17, -1.63%) | Coincident indicator of industry conditions and sentiment, recent volatility has increased |
| U.S.-China Semiconductor Export Controls | H20 licenses issued, 25% tariff imposed on H200 | China-related revenue not reflected in guidance — a potential upside factor, but current impact on results is limited |
| TSMC CoWoS Advanced Packaging Capacity | NVIDIA holds approx. 60% share (2026) | Physical ceiling on GPU shipment volume — supply gap projected to narrow from 20% to 10% (by year-end) |
Recent News Timeline
- 2026-07-17 · Closing price 202.81 USD (-2.21%); AI and semiconductor stocks declined together following the unveiling of China's Moonshot AI 'Kimi K3' model
- 2026-07-16 · U.S. ITC initiated a second investigation targeting Samsung, NVIDIA, and others related to Netlist's patent infringement complaint (evidentiary hearing scheduled for November 2026)
- 2026-07-14 · NVIDIA introduced a new whitelist review process for Asian customers (aimed at preventing re-export)
- 2026-07-14 · A U.S. Commerce Department deputy secretary testified to Congress that actual H200 shipments to China have been trivial in volume
- 2026-07-07 · Semiconductor stocks broadly declined (NVDA included) amid assessments that Samsung Electronics' preliminary results fell short of market expectations
- 2026-07-06 · NVIDIA denied reports of delays to its next-generation rack-scale systems, stating its roadmap remains on track
- 2026-06-07 · NVIDIA and SK hynix announced a multi-year AI memory technology partnership
- 2026-05-20 · FY2027 Q1 results announced (revenue 81.6 USD billion, Data Center 75.2 USD billion); quarterly dividend raised; 80 USD billion share buyback authorization approved
- 2026-04-24 · Market capitalization surpassed 5 trillion USD for the first time
Risk Factors
- China export controls — FY2027 Q2 revenue guidance does not include any China data center revenue (A)
- Customer concentration — 2 customers account for 39% of revenue and 4 customers account for 61% (secondary source; verification against primary source recommended)
- Intensifying competition and in-house silicon — potential expansion of hyperscalers' proprietary AI chip development (Google TPU, Amazon Trainium, etc.)
- Valuation de-rating — the lower Forward PER reflects expectations of rapid earnings growth, but carries de-rating risk if growth slows
- Supply chain — dependence on TSMC's advanced-node capacity (CoWoS bottleneck acts as a physical ceiling on GPU shipments)
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR