---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40965892.md"
description: "NVDA 1Q26 First Take: Results were solid. Revenue rose $13.5bn QoQ, largely driven by Data Center as Blackwell scaled to mass production. GPM held around 75%. The company streamlined reporting and will disclose only Data Center and Edge Computing from this quarter, retiring separate lines for Gaming and Auto, as Data Center now exceeds 90% of total revenue. For next quarter, it guides revenue to $91.0bn (+/-2%), implying a $9.4bn QoQ increase. This tops the raised buy-side bar ($88–90bn). The current workhorses are B300/GB300. With Rubin launching in 2H, growth should remain strong. At GTC, Jensen Huang raised the outlook for AI, projecting cumulative 2025–2027 Data Center revenue of $1tn (vs $500bn at last year's GTC). Investors are not concerned about FY27–FY28. As such, a modest beat this quarter is unlikely to move the stock. The battleground among AI majors has shifted. It used to be about who could stand up 10k‑GPU clusters to train LLMs; now it is about 'cost per million tokens' and the response speed of long‑context multimodal agents. NVDA's compute lead is being eroded. Beyond this quarter's print and guide, investors are more focused on AI chip competition, the impact of customers' in‑house designs, and GPM after 2026. With more hyperscalers moving to in‑house chips, the phase of major multiple expansion is likely over. Share‑price upside will hinge on EPS growth. Any upside surprise from Rubin would more likely lift the stock via earnings rather than further re‑rating; more to come in Dolphin Research's follow‑up commentary and Trans.$NVIDIA(NVDA.US)"
datetime: "2026-05-20T23:58:31.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40965892.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40965892.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40965892.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# NVDA 1Q26 First Take: Results were solid. Revenue …


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- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)

## Comments (2)

- **四十五度阳光 · 2026-05-21T02:11:32.000Z · 👍 1**: 👍👍
- **jackylin用戶 · 2026-05-21T00:15:54.000Z · 👍 5**: As major tech companies are now developing their own chips, NVIDIA's phase of "significant valuation expansion" has passed. The company's stock price increase will mainly come from EPS growth. Even if Rubin delivers performance beyond expectations, it will more likely drive the stock price r