IT Hardware & Semis (AO) | Nvidia 1QFY27 | Readthrough for European semicaps

研报英文原文证据摘录

IT Hardware & Semis (AO) | Nvidia 1QFY27 | Readthrough for European semicaps

, enterprise AI cloud customers and new frontier-model players. Meanwhile, Rubin enters production in Q3, with

management signalling the most aggressive product ramp in Nvidia’s history.

Nvidia's financial performance

Nvidia reported Q1 FY2027 sales of USD81.6bn, up 20% from Q4 FY2026 and up 85% YOY. Sales for the quarter were c.4% above

the consensus forecast of USD78.8bn. This was the 3rd consecutive quarter of YOY acceleration and 14th straight quarter of

sequential growth. The sequential revenue increase of USD13.5bn was a new record.

Data centre revenue reached USD75.2bn versus USD73.2bn consensus, rising 21% QOQ. Under the new reporting structure,

Hyperscale generated USD37.9bn (+12% QOQ) while ACIE delivered USD37.4bn (+31% QOQ), with AI cloud revenue more than

tripling YOY. ACIE is now comparable in scale to Hyperscale, highlighting the rapid diversification of Nvidia’s customer base

beyond the traditional US hyperscalers.

Non-GAAP gross margin reached 75.0%, in line with consensus. From Q1 FY2027, Nvidia no longer excludes SBC from non-GAAP

measures, with historical periods restated.

Non-GAAP EPS of USD1.87, +140% YOY and c.7% above consensus of USD1.75.

The company guided Q2 FY2027 sales to USD91.0bn ± 2%, c.5% above consensus of USD87.4bn. No Data Center compute revenue

from China is assumed.

Table 1:Nvidia - 1QFY 2027 results (USDm)

1QFY-2026 4QFY-2026 1QFY-2027E 1QFY-2027A Act/Est YOY

Sales - DC 39,112 62,314 73,191 75,246 3% 92%

Sales - Group 44,062 68,127 78,825 81,615 4% 85%

Hyperscale 17,599 33,814 n/a 37,869 n/a 115%

ACIE 21,513 28,500 n/a 37,377 n/a 74%

Edge Computing 4,950 5,813 n/a 6,369 n/a 29%

Gross profit - DC 26,753 47,755 56,685 57,294 1% 114%