Here is NVIDIA's Scorecard For Yesterday's, But Wall Street Still Wants More

"NVIDIA's Data Center segment remains the engine driving everything else. Q4 Data Center revenue came in at approximately $66.4 billion, accounting for the overwhelming majority of total company revenue. The segment's growth is being driven by the Blackwell GPU architecture ramp - specifically the GB200 NVL72 rack-scale systems that hyperscalers including Microsoft, Amazon, Google, and Meta are deploying at scale to support next-generation AI training and inference workloads."

"Jensen Huang described Blackwell's ramp as 'the fastest product ramp in our company's history,' and the numbers support that claim. The transition from H100 to Blackwell happened at a speed that surprised even NVIDIA's own supply chain partners, with CoWoS-L packaging capacity at TSMC representing one of the few genuine bottlenecks the company has faced in meeting demand."

"The one structural limitation embedded in NVIDIA's otherwise clean beat is impossible to ignore: the Q1 FY2027 guidance of $78 billion explicitly excludes Data Center compute revenue from China. This is not a new development - H20 chip sales were described as 'insignificant' by Q3 FY2026 following $4.5 billion in H20-related inventory charges earlier in the fiscal year."

NVIDIA delivered strong fiscal Q4 2026 results, beating Wall Street consensus with $68.13 billion in revenue versus $66.19 billion expected and non-GAAP EPS of $1.62 versus $1.51 estimate. The Data Center segment generated approximately $66.4 billion, representing the vast majority of total revenue. Growth was driven by the Blackwell GPU architecture ramp, particularly GB200 NVL72 rack-scale systems deployed by major hyperscalers including Microsoft, Amazon, Google, and Meta for AI workloads. CEO Jensen Huang characterized Blackwell's ramp as the fastest in company history, with the H100 to Blackwell transition occurring at unprecedented speed. However, Q1 FY2027 guidance of $78 billion explicitly excludes Data Center compute revenue from China due to regulatory restrictions, representing a structural limitation on total addressable revenue.

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