Overview

• Nvidia remains the core supplier for AI workloads with an estimated ~80% share and an integrated stack of chips, networking and software, according to new analyses.
• Fresh competitive pressure is building as Google and AWS expand their TPU and Trainium deployments, with Google reportedly courting third‑party users, and Huawei emerges as a credible rival in China.
• Management is keeping the pace with annual product cycles, highlighting strong Blackwell adoption and a Rubin platform slated for late 2026 that analysts report could far outpace today’s flagship.
• Financial disclosures show unprecedented scale: Q2 FY2026 revenue reached $46.7 billion with roughly $41 billion from data‑center clients, nearly $43 billion in H1 operating cash, and a $60 billion buyback expansion after $24.3 billion already returned.
• Concentration and sustainability remain watchpoints as three customers made up 23%, 19% and 14% of receivables, hyperscalers drive most demand, Broadcom pitches cheaper custom accelerators, and some on Wall Street warn growth could eventually hit a wall.