Quick overview

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NVIDIA just dropped its latest Fiscal Q1 2027 earnings report (covering February–April 2026). The company put up blockbuster numbers that beat Wall Street’s already sky-high expectations across the board, though the stock saw some minor after-hours volatility as investors digested the high bar.

Data center revenue was the absolute star of the show, surging 92% year-over-year to $75.2 billion . This confirms that spending by hyperscalers (like Microsoft, Amazon, and Google) on AI infrastructure is not slowing down.

NVIDIA’s board authorized an $80 billion share buyback program . Additionally, they aggressively hiked their quarterly dividend from $0.01 per share all the way to $0.25 per share .

In a notable fundamental shift, management confirmed they shipped zero Data Center Hopper products to China this quarter (compared to $4.6 billion in the same quarter last year) due to geopolitical trade restrictions. Their stellar guidance assumes zero compute revenue from China moving forward, proving they have successfully re-routed global demand elsewhere.

 While a 75% adjusted gross margin is incredibly high for a hardware-adjacent tech company, it did slip by 1 basis point sequentially from last quarter. A tiny contingent of bears noted that gross margins might have finally found their near-term ceiling as the product mix shifts towards newer architectures like Blackwell.

NVIDIA’s market cap sits right around $5.5 trillion , trading at a trailing Price-to-Earnings (P/E) ratio of roughly 45x . While that is historically expensive for a traditional hardware company, analysts note it is actually below the broader semiconductor industry average (~61x) because NVIDIA’s earnings are growing so rapidly