Nvidia is expanding beyond chips to sell complete AI infrastructure, including processors, networking, CPUs and software, anchored by the Vera Rubin platform, Spectrum-6 switches and software for running AI factories. In the July quarter, revenue reached $96.2 billion with a 75% gross margin and free cash flow of $21.3 billion. Its Compute & Networking segment brought in $88.3 billion, more than double the $41.3 billion a year earlier, mainly due to the Blackwell Ultra infrastructure ramp. The risk lies in customer concentration: one direct customer accounted for 16% of quarterly revenue, and three direct customers made up 16%, 15% and 13% across the first half of fiscal 2027. Indirect demand is also concentrated, and these percentages are not enough to identify end customers.
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NVDAsemiconductorsartificial intelligencedata centers
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NVDA
▲ Likely positiveNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/20/2026 | 216.48 |
| Change that session | -0.28% |
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