NVDA FY4Q26 First Take: another strong print.
Revenue rose QoQ by $11.1bn, largely driven by Data Center as Blackwell moved into mass production.
GPM recovered to 75%.
For next quarter, the company guides revenue to $78bn (+/-2%), implying another ~$10bn QoQ increase and beating raised buy-side estimates ($73-76bn).
Current flagship products are B300/GB300, and with Rubin launching in 2H, management expects high growth to continue.
Jensen Huang has outlined the AI outlook, targeting cumulative Blackwell + Rubin shipments of 20 mn units by end-2026 (roughly $500bn in revenue).
As a result, investors are not worried about FY2027 performance.
Beyond near-term results, the market is focused on NVDA's mid- to long-term competitiveness in AI chips.
As large models shift focus from training to inference, customers weigh compute alongside cost-efficiency, and ASIC competitors present potential risks to NVDA GPUs' high share and margins.
Under these concerns, NVDA faces strong growth yet a valuation that has been slow to re-rate.
More importantly, management needs to ease investor worries and reinforce mid- to long-term confidence.
For more details, follow Dolphin Research's upcoming commentary and management Trans.
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