NVIDIA Continued Strong Data Center Demand Drives Beat and Raise

NVIDIA reported a record F1Q27 with $81.6B in revenue, outperforming expectations thanks to surging Data Center and Networking demand. Management raised guidance and price target to $280, citing visibility into CY27 and a massive new $80B buyback program.

Key Takeaways

• 1.NVIDIA exceeded F1Q27 revenue and EPS expectations, driven by broad-based Data Center strength, particularly in networking.
• 2.Networking revenue hit a record $14.8B, now accounting for 20% of total Data Center revenue, fueled by InfiniBand demand.
• 3.Management disclosed $20B in incremental standalone Vera CPU revenue visibility for the current calendar year.

Table of Contents

• Key Changes (FYE Jan)
• Quarterly Forecasts (FYE Jan)
• Style Exposure
• Summary Investment Thesis and Valuation
• Investment Thesis
• Valuation
• Balance Sheet and Cash Flow
• Appendix I: Comp and Group Valuation
• Appendix II: Financial Tables
• Investment Thesis, Valuation and Risks
• NVIDIA Corporation: Summary of Financials
• Important Disclosures
• Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
• History of Investment Recommendations:
• Other Disclosures

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