"NVIDIA delivered a 4QF26 revenue and profits well above consensus. 1QF27 revenue guidance is ~7% above the consensus. Management overcame many concerns investors had throughout the quarter - GPU capacity, TPU competition, available power, memory supply and customer financing. Supporting growth through FY27, purchase commitments increased 90% q/q to $95.2B. We view this as a confident management team that will support customer demand for its next generation platforms and continue to lead the AI market development. We are lifting our estimates and price target to $300."

"Guidance was once again well above expectations ($78B/~$1.72 vs Street $72.2B/$1.68) and also includes the company now expensing stock based compensation (a modest headwind but resulting in cleaner numbers). The bulk of the ~$10B incremental growth appears to be coming from datacenter putting it in the ballpark of ~$72B+ (well above Street at ~$66B.) Management expects continued sequential datacenter growth through the year (exceeding their prior $500B CY25/26 backlog) and also suggested visibility extending into CY2027 backed up by substantial supply commitments. Investors were of course widely expecting the print to be good given recent capex outlooks, supply chain dynamics, and Jensen's own recent actions and commentary, and we believe the print hit on all cylinders. And yet the share price action (which has been unexciting as of late vs others in the space) remained relatively muted in the aftermarket. We suppose the sheer scale of the numbers at hand may have investors a bit shook; nevertheless the $12+ CY27 number that the buyside has had now looking very plausible amid demand showing zero signs of slowing (suggesting that despite fears a peak may not be imminent). And NVDA looks exceedingly well positioned to capture that demand."

"Nvidia has the most predictable revenue path for the rest of this year, in our view, while VR will further extend Nvidia's performance lead over the competition. While its GPU and ASIC peers will grow faster this year, we model 80% YoY growth for DC revenue with potential upside, with demand limited by supply as all products are sold out. VR just started sampling and is on track for 2H. We see nearly $20 of EPS potential by 2030 assuming a 15% revenue CAGR for C2027-2030."

"Nvidia's F4Q26 results and F1Q27 outlook were much better than expected, and we are a little perplexed by the muted stock response. Demand remains robust and operational execution is impressive. The higher than expected outlook benefits most from volume as opposed to mix or price hikes. Extreme 'co-design' of full stack solutions and mature software drives system level purchases (2/3rds of sales this quarter), including increasingly strong networking. Inference is now a primary growth driver alongside training, with deployments accelerating on Blackwell; in essence 'inference equals revenues' for CSPs and Agentic AI has just now hit an inflection point. China sales were immaterial and not included in guidance. We reiterate our Strong Buy and raise estimates, while our price target goes to $291 from $272."

"We believe NVDA has significant additional growth & stock upside potential. NVDA delivered a clean beat & raise qtr. Demand is not letting up and, despite shortages, NVDA's growth is re-accelerating now! We continue to believe that AI is not in a bubble, that the AI TAM CAGR is realistically 50% and that the 2030 TAM is $3-4T. Results, guidance, and commentary exceeded our preview. CY27 EPS goes to $10.12 incl SBC (from 9.81, ex-SBC). PT to $283 (from $275) based on 28x (2x disc. to peers). Next catalyst is GTC in mid-March. NVDA remains the AI company. Buy."

"Another Well-Rounded Quarter In The Bag; NVDA's results/outlook handily beat our/consensus expectations. Visibility is now extending into CY27, Rubin ramps are on track, and gross margins are holding up despite inflated Memory prices. Growth was led by non-hyperscalers and networking, highlighting revenue diversification. The stock's muted reaction suggests that the market is concerned about peaking revenue momentum. While y/y growth should eventually moderate from current (70%+) levels, we expect strong double-digit growth to sustain well into CY27. Our base case is for a gradual slowdown in hyperscaler capex, which we believe valuation is already discounting to a large extent. We raise PT and reiterate our Outperform rating."

"In the words of the great Rodney Dangerfield, NVDA simply gets No Respect. NVDA has essentially pulled off the Triple Lindy this Q, setting new high-water marks for a beat and raise (4Q revs $3.1B above guided midpoint; 1Q revs guided up $9.9B Q/Q), calling for sequential growth through the remainder of the year (with revs upside above the previously noted $500B of Blackwell/Rubin orders), and already booking into CY27 as agentic AI has reached an inflection point (essentially sold out through CY26 with Jensen highlighting agentic ChatGPT moment has arrived). Elsewhere, supply has been secured to address demand into CY27 with supply-related commitments up nearly 90% Q/Q, and mgmt. remains confident in its ability to sustain GMs of mid-70%s through the year, inclusive of the 2H Rubin ramp (which remains on track)."

"NVDA posted a strong report and guidance, which we believe beat buyside expectations for both the reported quarter and for guidance. AprQ guidance of $78bn is up 14% q/q and 7% ahead of $72.9bn consensus (and includes no China DC revenue), with GM in line with expectations at 75%. The after hours stock reaction was muted, resulting in the second consecutive quarter that the stock hasn't reacted to a very good report. We had expected $20-50bn upside to consensus FY27 revenue, and we expect consensus to come up by about that amount. Net, the stock reaction notwithstanding, this is a strong report vs. expectations, and offers nothing to change our bullish thesis. As numbers rise NVDA's multiple continues to compress, now at 17.4x our FY28 EPS."

"Strong Results and Guidance Driven by Blackwell/Networking, While China H200 Contribute No Revs. NVDA reported strong F4Q (Jan) results and provided F1Q (Apr), which solidly exceeded expectations. Key takeaways include 1) Upside driven by DC, which grew +75% y/y, with strength seen in Networking (+263% y/y), as GB racks accounted for 2/3 of DC revs; 2) There were no China revs in the quarter/guide, likely better for the stock; 3) q/q rev growth is expected through F27 given $500B+ of backlog; 4) Vera Rubin remains on track for 2H26 production; 5) SBC is now included in NG Opex limiting upside to EPS. We're encouraged with these strong results. As such, we're raising ests and remain OW."

"NVDA reported strong JanQ rev $68.1B (cons. $65.8B) and guided AprQ to $78B above cons $72.6B) with Blackwell ramping, Rubin ahead and AI-bubble worries easing. We highlight: 1) Key DC revs at ~$62.3B up 22% q/q (up 75% y/y), with total Blackwell revs estimated at ~$50B, 2) CSP at ~50% of revs with sovereign also driving strong tailwinds, 3) AprQ Blackwell ramps ongoing while Rubin 2H26E launch on-track with customers now sampling; 4) JanQ Networking up 34% q/q as demand strong with GB200/300 ramps, 5) GM outlook flattish with AprQ guided to 75%, down 20bps q/q, and expected to remain in the mid-70% range, and 6) demand still accelerating with visibility improving as it now has a >$500B Blackwell + Rubin revenue pipeline through C26E. Reiterate Outperform and $275 PT."

"NVDA reported F4Q26 results with revenue of $68.0bn clearing consensus by nearly ~$2bn, and adj-EPS of $1.62 by 8 cents, via the Blackwell ramp and strength in Networking. Data Center revenue reached $62.0bn (+75% y/y), as Grace Blackwell NVLink 72 systems now account for ~2/3 of segment mix, signaling continued 'extreme urgency' from model makers for agentic AI compute. Networking printed a record $11.0bn, driven by record attach rates for Spectrum-X and NVLink switches, with demand to continue growing. Our fundamental thesis is reinforced: compute has become the primary revenue-generating 'factory' for the global economy, and NVDA's one-year product cadence (Vera Rubin 2H delivery) provides a multi-generational lead. We think GTC in March will offer longer-term outlook, likely more impactful to the stock. Reiterate Buy."

"NVIDIA delivered a F4Q26 beat, while F1Q27 revenue was also well above expectations driven by continued strength across the data center portfolio. Our key takeaways include: 1) Q/Q revenue growth is expected through CY26 with demand expected to continue into CY27; 2) Hyperscalers made up ~50% of data center revenue, while other verticals continue to contribute to growth. Jensen is confident hyperscaler cash flow will increase in the future to support growing Capex given advancements in compute driving increased token output; 3) Networking opportunities are also growing for both scale out and scale up; 4) Vera Rubin sampling is underway and production remains on track for C2H26; and, 5) NVDA is deepening engagement with frontier model developers. Our PT remains $240, based on a ~25x P/E multiple of our FY28/CY27 NG EPS estimate of $9.75."

"Another Strong Beat on Guide - We Are Buyers; NVDA continued its momentum of strength in the DC space exhibiting strong results and guide once again. For the Jan 26 quarter, NVDA beat street expectations by roughly $2 billion on the top line but more impressively guided up the April 26 quarter by $10 billion incremental growth to $78 billion top line (vs street expectations of $73 billion). As expected, the vast majority of the growth is being driven by the DC business. Blackwell adoption seems to be going extremely well, which is also leading to growth in Networking which shone in the January 26 quarter. NVDA appears to be seeing strength across all end markets, including HPC, Enterprise and sovereign. Overall, we are buyers of NVDA currently trading at just 24.4x NTM EPS."