We delivered another record quarter while navigating what continues to be a dynamic external environment. Total revenue was $46.7 billion, exceeded our outlook as we grew sequentially across all market platforms. Data center revenue also grew sequentially despite the $4 billion decline in H20 revenue. Our full-stack AI solutions for cloud service providers, NeoClouds, enterprises, and sovereigns are all contributing to our growth.
The scale and scope of these buildouts present significant long-term growth opportunities for NVIDIA. The new Blackwell Ultra platform has also had a strong quarter, generating tens of billions in revenue. This keeps us on track with our pace of an annual product cadence and continuous innovation across compute, networking, systems, and software. USG officials have expressed an expectation that the USG will receive 15% of the revenue generated from licensed H20 sales, but to date, the USG has not published a regulation codifying such requirement.
We have not included H20 in our Q3 outlook as we continue to work through geopolitical issues. If geopolitical issues reside, we should ship $2 billion-$5 billion in H20 revenue in Q3. Notably in the quarter was an increase in H100 and H200 shipments. As we continue to deliver both Hopper and Blackwell GPUs, we are focusing on meeting the soaring global demand.
| Metric | Period | Current guidance |
|---|---|---|
| China H20 revenue | Q3 FY2026 | $2B-$5B possible if geopolitical issues resolve; can build/ship more if more orders/licenses arrive |
| Rubin platform volume production | 2H FY2027 (next year) | on schedule for volume production next year with a mature, full-scale supply chain |
| Data center growth driver (Blackwell vs Hopper) | Q3 FY2026 | Blackwell expected to remain the lion's share and the driver of growth into Q3 |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | n/a (record $46.7B, sequential growth across all platforms) | Exceeded outlook on broad-based strength led by data center and networking. |
| Data center revenue | +56% | Blackwell record levels (+17% sequential) and GB300 production shipments, overcoming a $4B sequential H20 decline. |
| Networking revenue | +98% | Record $7.3B (+46% sequential) on Spectrum-X Ethernet, InfiniBand and NVLink demand for AI compute clusters. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI infrastructure TAM | ~$1 trillion path outlined at prior GTC | $3-4 trillion AI infrastructure spend by the end of the decade; ~$600 billion hyperscaler CapEx this calendar year | — |
| Blackwell / GB300 ramp | GB200 NVL widespread adoption | GB300 in production, tens of billions in Blackwell Ultra revenue, ~1,000 racks/week run rate | — |
| China H20 | $4.6B recognized in Q1, market closed | select licenses received but nothing shipped; $2-5B possible in Q3; advocating for Blackwell in China | — |
| Networking scale-up/out/across | SpectrumX ~$8B annualized in Q1 | Spectrum-X over $10B annualized; new Spectrum-XGS scale-across for gigascale AI superfactories | — |
| Merchant GPU vs ASIC | not a focus | Jensen argued few ASIC projects reach production; NVIDIA's full-stack, every-cloud, best perf/watt and perf/dollar position wins | — |