NVIDIA reports record Q1 as AI chip demand still outpaces supply
Revenue hit $48.2 billion, up 71% year-over-year. CFO Colette Kress said Blackwell-2 allocations are "fully committed through Q3."
NVIDIA closed its fiscal Q1 with $48.2 billion in revenue, beating analyst consensus by $2.4 billion and continuing a streak that has now lasted ten consecutive quarters.
Data center revenue alone was $41.7 billion, with Blackwell-2 — the second generation of the company's flagship AI accelerator — shipping in volume for the first time. CFO Colette Kress told analysts on the call that Q3 allocations are "fully committed" and Q4 is "substantially booked."
Where the demand is coming from
Hyperscalers — Microsoft, Meta, Amazon, Google, and Oracle — account for roughly 64% of data center revenue, slightly down from 71% a year ago. The shift reflects the rise of so-called 'neocloud' providers like CoreWeave, Lambda, and Crusoe, which now collectively account for an estimated 18%.
The supply story has not changed
CEO Jensen Huang dismissed the suggestion that AI chip supply is loosening: "We are nowhere near equilibrium." TSMC, NVIDIA's manufacturing partner, has yet to commit to additional CoWoS-L advanced packaging capacity for 2027 — the constraint analysts have flagged for two years running.
NVIDIA shares were up 5.8% in after-hours trading.