NvidiaNVDA

10-Q · 26 aug 2026 · for the period to 26 jul 2026

accession 0001045810-26-000075

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Data Center revenue was $75.2 billion, up 92% from a year ago and up 21%, driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutionsHyperscaler revenue increased and remained at approximately 50% of Data Center revenue, while the remaining 50% came from a continued diversification of customers, including AI Clouds, industrial, enterprise, and sovereign customersThese platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value

switching costsis wired into how the customer already works

holdsread 20 aug 2026

02NVIDIA commands pricing power rare in semiconductors: gross margins near 75% on a hardware-intensive product, maintained even as Blackwell became the majority of revenue. The statement that pricing does not flex with short-term cost changes implies customers absorb cost volatility, evidence of sustained pricing power tied to scarcity and performance leadership.

pricing powercan hold its price and keep the customer

holdsread 20 aug 2026

03An annual architecture cadence—Blackwell now, Rubin shipping within fiscal 2027—forces competitors into a perpetual catch-up cycle. Each generation resets the performance frontier before rivals can close the gap, compounding NVIDIA's lead in training throughput and inference efficiency.

innovation cadencenot in the table

holdsread 20 aug 2026

04A liquidity stack exceeding $80 billion and no commercial paper drawn provides strategic optionality: NVIDIA can fund multi-billion-dollar prepaid supply agreements, absorb inventory write-downs, and return capital via buybacks without dilution or debt issuance. This cushion de-risks the aggressive architecture cadence and tariff exposure.

capital disciplinea reason to hold, not a barrier

holdsread 20 aug 2026

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