Nvidia Q1 FY27: $81.6B Revenue (Up 85% YoY), Stratechery Analyzes New Reporting Split Between Hyperscaler and Full-Stack Customers

Stratechery·high signal

Nvidia reported record Q1 revenue of $81.6 billion with data center revenue at $75.2 billion (up 92% YoY), driven by Blackwell 300 ramp and NVLink demand. Hyperscalers account for roughly 50% of data center revenue. Stratechery's Ben Thompson analyzes Nvidia's new reporting structure that delineates hyperscaler sales — where Nvidia fights commoditization — from the remaining 50% (AI clouds, enterprise, sovereign) where Nvidia runs the whole stack and commands premium margins.