NVIDIA, the world's most valuable chip company, will report its fiscal 2027 first-quarter earnings after the U.S. market close on Wednesday (May 20). Wall Street consensus points to revenue of approximately $78 billion, up 78% year-over-year, with non-GAAP earnings per share of $1.77 — all set to break quarterly records. The company's own guidance range of $76.4 billion to $79.6 billion confirms the record-breaking outlook.
Blackwell Ramp Drives Data Center Revenue Toward $73B
The Blackwell architecture now dominates NVIDIA's data center compute shipments. Analysts estimate data center segment revenue alone will reach around $73 billion, with some models pushing above $75 billion. Blackwell-related annualized revenue surged from $86.4 billion last year to $137 billion this year, a nearly 59% increase.
Options Market Braces for 8-10% Swing
The options market has priced in a move of 8% to 10%, leaving traders prepared for sharp moves in either direction. NVIDIA's current market cap stands at a record $5.46 trillion, with shares at $225.32. Even a 10% daily swing would represent over $500 billion in market value change, more than the total market cap of most public companies. Last quarter's earnings release triggered broad AI stock moves, including TSMC, Broadcom, AMD, and newly listed Cerebras.
China Revenue Gap Under Scrutiny
Founder Jensen Huang recently visited China, but reports of Chinese buyers actively refusing H200 purchases continue to circulate. U.S. export controls have further tightened access to the Chinese market, which was once NVIDIA's second-largest revenue source. How the company plans to fill that gap will be a key question on the earnings call.