Overview
- Nvidia reported record fiscal quarter revenue of about $96.2 billion with roughly $89 billion from its Data Center business, and it guided toward roughly 70% revenue growth into fiscal 2028.
- Management says demand exceeds its ability to build chips and systems, making growth supply‑constrained and prompting guidance that assumes limited near‑term capacity.
- The company is using its balance sheet to secure customers and capacity through large equity investments, take‑or‑pay and supply commitments and financing for AI labs.
- Analysts reacted largely positively and many maintained Buy ratings while the stock trades at a price‑to‑earnings multiple near 28–29, a level some see as modest given the growth.
- Key risks include hyperscalers developing custom chips, China and export‑control exposure, rising memory and packaging costs that pressure margins, and the potential downside of so‑called circular financing.