NVIDIA CORP Q1 FY2026 earnings call

Key points include strong revenue growth, Blackwell ramp being the fastest in company history, significant inference demand jump, AI factory deployments accelerating, export controls on H20 affecting China market, new product announcements like GB200 NBL, and partnerships with various companies for AI integration.

Data center revenue was $39 billion, up 73% year on year. Gaming revenue was a record $3.8 billion, up 42% year on year. Networking revenue was $5 billion, up 64% quarter over quarter. Crow visualization revenue was $509 million, flat sequentially, up 19% year on year. Automotive group revenue was $567 million, down 1% sequentially, up 72% year on year.

Total revenue expected to be $45 billion, plus or minus 2%. GAAP and non-GAAP gross margins expected to be 71.8% and 72% respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses expected to be approximately $5.7 billion and $4 billion respectively. Full-year fiscal year 2026 operating expense growth expected in mid-thirty percent range.

New export controls on H20 in China not providing grace period to sell through inventory, which could have material adverse impact on business and benefit foreign competitors in China and worldwide.

Q: How much of inference demand can be served and about inference business size?

A: Jensen Huang mentioned wanting to serve most of it, Grace Blackwell and VLINK72 ideal for reasoning AI, reasoning AI driving step function surge in inference demand.

Q: Are there large GPU cluster investments not announced and impact on Blackwell lead times?

A: Jensen Huang said many AI factories being planned, supply chain kept busy for years, more announcements expected.