MD&A sentences
Green marks more positive language; red marks more negative language.
neutral · -0.003
Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management's beliefs and assumptions and on information currently available to management.
neutral · +0.053
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “goal,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential” and similar expressions intended to identify forward-looking statements.
neutral · -0.285
These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements.
neutral · +0.001
We discuss many of these risks, uncertainties and other factors in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 in greater detail under the heading “Risk Factors” of such reports.
neutral · +0.009
Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements.
neutral · -0.015
Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing.
negative · -0.622
You should read this Quarterly Report on Form 10-Q completely and understand that our actual future results may be materially different from what we expect.
neutral · +0.035
We hereby qualify our forward-looking statements by these cautionary statements.
neutral · -0.039
Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
neutral · -0.010
All references to “NVIDIA,” “we,” “us,” “our” or the “Company” mean NVIDIA Corporation and its subsidiaries.
neutral · +0.025
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject.
neutral · -0.184
These statements are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
neutral · -0.282
These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
neutral · +0.011
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the risk factors set forth in Item 1A.
neutral · +0.005
“Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 and Part II, Item 1A.
neutral · -0.003
“Risk Factors” of this Quarterly Report on Form 10-Q and our Condensed Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC, before deciding to purchase, hold, or sell shares of our common stock.
neutral · +0.382
Overview Our Company and Our Businesses NVIDIA pioneered accelerated computing to help solve the most challenging computational problems.
neutral · +0.288
Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields.
positive · +0.751
Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications.
neutral · +0.135
NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.
neutral · +0.010
Our two operating segments are “Compute & Networking” and “Graphics.” Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
neutral · +0.016
Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998.
positive · +0.813
Recent Developments, Future Objectives and Challenges Revenue growth in the first quarter was driven by data center products for accelerated computing and AI solutions.
neutral · +0.251
Blackwell continued to account for the majority of our system shipments.
negative · -0.868
The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance.
neutral · +0.059
Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges.
negative · -0.928
In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects.
negative · -0.850
These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.
neutral · +0.289
23 We expect our Rubin platform to start shipping in the second half of fiscal year 2027.
negative · -0.943
The complexity of bringing up our product architecture and sophisticated system configurations has caused and may in the future cause delays in production and create challenges in managing supply and demand.
negative · -0.953
This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs.
negative · -0.929
Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses.
positive · +0.709
government, or USG, granted licenses that allow us to ship small amounts of H200 products to specific China-based customers.
neutral · +0.026
To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China.
neutral · +0.020
The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer.
neutral · +0.074
As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.
positive · +0.806
The recent rise in high-quality, open-source foundation models is making advanced AI capabilities broadly accessible.
negative · -0.928
Open-source AI is dependent on developer adoption, and if deployed on our competitors' platforms, it could reduce demand for our products and services.
positive · +0.869
We have made, and expect to continue making, investments in our ecosystem to enhance our growth opportunities, cultivate our ecosystem, and strengthen our competitive position.
neutral · +0.121
In the first quarter of fiscal year 2027, we made the following investments: • $18.6 billion in private companies and infrastructure funds.