NVDA: F1Q27 Review: We Struggle to Find the Negatives, Especially at ~15x CY28 P/E—Data Center Beat; Ests Higher (Again)

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NVDA: F1Q27 Review: We Struggle to Find the Negatives, Especially at ~15x CY28 P/E—Data Center Beat; Ests Higher (Again)

iterated that it has

confidence in $1T of Blackwell / Rubin revenue from C2025 to C2027. The company sees a $200

billion standalone CPU TAM going forward; emphasizing this ahead of the Vera CPU ramp starting

in F3Q27. With this, NVIDIA noted that it now has line-of-sight to ~$20 billion of revenue visibility

this year (FY27). Total Compute revenue does not include any China H200 revenue.

• Networking revenue at $14.8 billion was +199% y/y and +18% q/q in F1Q27 vs. +263% y/y and

+34% q/q in F4Q26. NVIDIA highlighted continued strength in Spectrum X Ethernet (now larger

than all Ethernet peers; Arista competition remains key focus), while Quantum-X InfiniBand

revenue grew by more than 4x y/y driven by XDR (Quantum-X800 / 800G solutions).

Note: NVDA 10-Q Customer Disclosure. NVIDIA's 10-Q filing tonight discloses that in F1Q27 the

company had three direct customers over 10% of total revenue—at 21%, 17%, and 16% of total

revenue. This compares to two customers disclosed at ~22% and 14% of total FY26 revenue; two

customers in F1Q26 at 16% and 14%.

Additionally, we would note NVIDIA's disclosure of one indirect AI research and deployment company

contributing to a 'meaningful amount' of its revenue in F1Q27 via cloud service purchases from

NVIDIA's customers.

EDGE COMPUTING: NVIDIA's new Edge Computing segment reported F1Q27 rev at $6.369B (+29%

y/y and +10% q/q) with NVIDIA noting that revenue was driven by Blackwell workstation demand

offset by lower consumer PC demand given increased memory and systems pricing. We would

highlight that NVIDIA noted physical AI exceeded $9B in the TTM.The new segment comprises of data