NVIDIA Corporation (NVDA)

Outperform Recap: Q1 FY27

Demand Has Gone Parabolic: $82B Revenue, $91B Q2 Guide, Vera CPU Opens a $200B TAM, Anthropic Joins the Frontier Roster — Muted Reaction Is Positioning, Not Thesis

Outperform Recap: Q1 FY26

Maintaining Outperform — Blackwell in Full Ramp, $4.5B H20 Charge Absorbed Without Cracking the Trajectory; Sovereign AI Emerges as a New Growth Engine

Outperform Recap: Q4 FY25

$39.3B Record Quarter, Data Center +93% YoY, Blackwell $11B First Full Quarter — the FY26 Framework Reset Confirms the Multi-Year Cycle: Maintaining Outperform

Outperform Recap: Q3 FY25

Three Scaling Laws, One Supply Constraint: Data Center +112%, Blackwell Ramping Ahead of Plan, Q4 Guide $37.5B — Upgrading to Outperform

Hold Recap: Q2 FY25

Initiating Coverage at Hold: A Record Print With Data Center +154% and Blackwell Sampling, But the Mask-Change Slip and Full Valuation Keep Us Patient