Nvidia just dropped a quarter that would make most CEOs weep with joy — $68.1 billion in revenue, earnings of $1.62 per share (beating the $1.53 estimate), and guidance of $78 billion for next quarter that left analysts scrambling to update their models. The data center business alone raked in $62.3 billion, up 75% year over year. Net income nearly doubled to $43 billion. By every conceivable metric, Jensen Huang and company absolutely crushed it.
And the stock? It barely flinched. After an initial pop in after-hours trading, shares settled back near flat. Welcome to the new normal for Nvidia — where “blowout” earnings have become the minimum expectation, and anything less than jaw-dropping is met with a collective shrug. The AI chipmaker now sits as the only megacap tech stock with meaningful gains in 2026 (up about 5%), while the Nasdaq has actually dipped into negative territory. Apple is the only other trillion-dollar name in the green, and barely.
For retail investors, the muted reaction is actually a valuable signal. The market has priced in Nvidia’s dominance — data centers spending nearly $700 billion this year, hyperscalers accounting for 50% of data center revenue, and the upcoming Vera Rubin chip platform promising 10x better performance per watt. What’s more interesting is what wasn’t in the headlines: networking revenue exploded 263% on NVLink adoption, professional visualization jumped 159%, and the company shipped its first Vera Rubin samples to customers this week. Meanwhile, Nvidia is diversifying its supply chain to include Arizona fabs and Mexican assembly plants, reducing its Asia-only dependency.
The takeaway for traders? Nvidia remains the undisputed king of AI infrastructure, but the easy money is gone. At these levels, you’re buying execution certainty — and that’s not nothing. The $78 billion Q1 guide (well above the $72.6 billion consensus) tells you demand for AI chips isn’t slowing, even as skeptics question hyperscaler capex sustainability. If you’re looking for a dip-buying opportunity, you may need to wait for a broader market wobble rather than an earnings miss — because Nvidia doesn’t seem to know how to do those.