Nvidia guides $91 billion revenue

Nvidia told investors on May 20 that it expects about $91 billion in revenue for the second quarter of fiscal 2027, extending a run of rapid growth that has been driven by demand for AI chips and related data center hardware. The forecast followed first-quarter revenue of $81.6 billion for the period ended April 26, 2026, up 20% from the prior quarter and 85% from a year earlier. Data center revenue reached $75.2 billion in the quarter, while data center compute revenue was $60.4 billion and networking revenue was $14.8 billion. That $91 billion figure stands out because it comes after Nvidia had already expanded sharply in the previous quarter. Based on the company’s reported first-quarter revenue, the second-quarter guide implies another sequential increase of roughly $9.4 billion. The company’s first-quarter non-GAAP earnings per diluted share were $1.87, and GAAP earnings per diluted share were $2.39. (investor.nvidia.com) ### Why is the guidance getting so much attention? Nvidia’s own release gave investors two things at once: a record quarter and a larger next-quarter target. The company reported first-quarter revenue of $81.6 billion on May 20 and said second-quarter revenue is expected to be about $91 billion. That combination matters because it suggests Nvidia expects demand to remain elevated even after a period of unusually fast expansion. (investor.nvidia.com) The company also paired the results with capital-return moves. Nvidia said its board approved an additional $80 billion in share repurchase authorization on May 18 and that it would raise its quarterly cash dividend from $0.01 per share to $0.25 per share, payable June 26 to shareholders of record on June 4. (investor.nvidia.com) ### What did Nvidia actually say about China? The context circulating around the earnings release is that Nvidia’s second-quarter outlook assumes no China data center compute revenue. That matters because China has been an important market for AI and data center hardware, and excluding it from the revenue base makes the forecast more dependent on demand elsewhere. Odaily reported that point on May 23 in its coverage of the earnings update. (investor.nvidia.com) Nvidia’s official first-quarter release did not spell out that China qualifier in the short press statement surfaced on its investor site, but the company’s reported segment mix shows how central data center demand is to the business. Data center revenue accounted for more than 90% of first-quarter sales, based on the figures in the release. That makes any regional assumption inside data center guidance especially important for investors following future growth. (investor.nvidia.com) ### How much of Nvidia’s business is now data center? Nvidia said first-quarter data center revenue was $75.2 billion out of total revenue of $81.6 billion. Within the older sub-market breakdown, data center compute revenue was $60.4 billion and networking revenue was $14.8 billion. The company also said it is shifting to a new reporting framework built around two market platforms: Data Center and Edge Computing. (investor.nvidia.com) Jensen Huang, Nvidia’s founder and chief executive, said in the earnings release that the “buildout of AI factories” is accelerating and that “agentic AI has arrived.” Those remarks were part of Nvidia’s explanation for continued demand across cloud, enterprise and other AI infrastructure markets. ### What should investors watch next? (investor.nvidia.com) Nvidia’s investor calendar lists its 2026 annual meeting of stockholders for June 24 at 9:00 a.m. Pacific Time. The company has also said the May 20 earnings webcast will remain available until its conference call for second-quarter fiscal 2027 results. The next formal checkpoint for the $91 billion target will be Nvidia’s second-quarter fiscal 2027 earnings report, when investors will be able to compare the company’s actual revenue with the May 20 guidance and assess how much growth came from data center demand outside China. (investor.nvidia.com 1) (investor.nvidia.com 2)