§ docs  ·  NVDA  ·  Sources
ticker
NVDA
company
NVIDIA Corporation
citations
108
analysts
7
generated
2026-05-03

Sources — NVIDIA Corporation (NVDA)

The deduplicated catalogue of every citation referenced across NVDA's seven analyst memos and PM thesis. Sorted by source type; analysts that cited each source are listed under its title.

NVIDIA FY26 quarterly earnings call transcripts

transcript customer-analyst 2026-05-03 investor.nvidia.com
  • Pull-through demand commentary from frontier labs and hyperscalers
  • Sovereign AI customer set commentary (UAE, Saudi, Japan, Korea, France, India)
  • Neocloud demand layer commentary

Cignal AI - Optical Component Startup Tracker

industry-report market-positioning-analyst 2026-05-03 cignal.ai
  • Lightmatter $4.4B valuation, $850M raised, L200 CPO 2026
  • Marvell acquired Celestial AI Dec 2025 for $5.5B
  • Ayar Labs $1B+ valuation, 100 Tbps demonstrators

Google TPUv7: The 900lb Gorilla In the Room

industry-report competitor-analyst 2026-05-03 newsletter.semianalysis.com
  • TPUv7 internal TCO ~44% lower than GB200 Blackwell
  • External Anthropic TCO ~30% lower than NVDA equivalent
  • Google targeting 10% of NVDA data-center revenue

AMD valuation statistics

data-aggregator financial-analyst 2026-05-03 stockanalysis.com
  • AMD market cap $588B, forward P/E 53.4x, EV/Sales 16.8x, EV/EBITDA 86.2x

Cohort companies data — NVIDIA entry

internal-data macro-analyst 2026-05-03
  • NVIDIA risk taxonomy (custom silicon, CoWoS, AMD MI450X)
  • Catalyst list (Rubin/Kyber/800V/Dynamo)
  • Reference-architecture positioning quotes from corpus notes

Cohort companies.json — NVDA entry (customer dimension use)

internal-ledger customer-analyst 2026-05-03
  • NVDA sentiment +2, mentionCount 95
  • Catalysts: Rubin/Rubin Ultra, Kyber 600 kW / 1 MW rack, 800V HVDC, CPO, Dynamo
  • Risks: custom silicon pricing-power cap, CoWoS / power bottlenecks, MI450X frontier-workload competition

Cohort synthesis — semiconductor-industry

internal-synthesis macro-analyst 2026-05-03
  • Three-bottleneck frame (logic/memory/power)
  • Unit-cost-of-intelligence as denominator for structural demand
  • Power as ultimate constraint
  • Taiwan as existential single-country dependency
  • China parallel stack as counterforce
  • Hyperscaler 2026 capex ~$600B / ~50 GW new AI capacity

Cohort synthesis.md (used for customer / buyer-set framing)

internal-synthesis customer-analyst 2026-05-03
  • Value-chain map L13 buyer set (hyperscalers, neoclouds, frontier labs)
  • Rack-as-product framing: per-rack BOM ~$3M+, per-deployment NVDA capture ~3x prior model
  • Unit-cost-of-intelligence Jevons demand framing
  • CUDA moat 'changing shape, not breaking' (alternatives constrain pricing power tentatively yes)
  • Custom silicon counter-leverage thesis ('every TPUv7 sold to Anthropic is a Nvidia GPU not sold')
  • Neocloud / GPU useful-life contested claim (Burry vs CoreWeave debate)
  • Stargate / Colossus 2 / Project Rainier customer pipeline

Crucible Capital — 'The AI Power Crisis Part 1 & 2' (cohort corpus Notes)

third-party-research customer-analyst 2026-05-03 cruciblecapital.substack.com
  • Vertiv 4Q'25 +152% organic order growth as marker of pull-through demand
  • Stargate Texas 2.3 GW onsite gas plant — largest single onsite gas order ever
  • xAI Colossus 1+2 buildout pace (>1 GW)
  • 800V Kyber 2027 architecture as customer roadmap signal
  • Sovereign procurement and onsite-power workaround for grid interconnect queues

EU AI Act — Regulation 2024/1689

primary-regulation regulatory-analyst 2026-05-03 eur-lex.europa.eu
  • General-purpose AI obligations on model developers; indirect demand-side impact only for NVIDIA

EU Dual-Use Regulation 2021/821 (recast)

primary-regulation regulatory-analyst 2026-05-03 eur-lex.europa.eu
  • Legal vehicle for any future EU export controls on AI compute or harmonization with US BIS rules

Hyperscaler FY25/FY26 capex disclosures (MSFT, META, GOOGL, AMZN, ORCL)

third-party-filing customer-analyst 2026-05-03
  • Aggregate 2026 hyperscaler capex ~$600B with majority AI infrastructure
  • Mapping of NVDA's >10% indirect end-customers to hyperscaler base
  • Oracle Stargate Texas commitment (2.3 GW gas plant, OpenAI/Oracle/Crusoe)
  • AI revenue ramp as evidence supporting pull-through demand classification

Lane coordination — financial-analyst and competitor-analyst

lane-coordination customer-analyst 2026-05-03
  • Customer dimension owns volume durability and buyer-set composition
  • Pricing power / gross-margin sensitivity to hyperscaler counter-leverage owned by financial-analyst
  • Competitive share-shift mechanics (TPU/Trainium/Maia/MI450X) owned by competitor-analyst

Lane coordination — regulatory analyst

lane-coordination macro-analyst 2026-05-03
  • Macro owns trade-flow direction and FX consequences
  • Regulatory owns specific BIS rules, H20-class spec ceilings, active legal matters
  • Coordination prevents double-counting of tariff/export-control exposure

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026

press-release financial-analyst 2026-05-03 nvidianews.nvidia.com
  • FY26 revenue $215.9B (+65% YoY)
  • FY26 GAAP operating income $130.4B, net income $120.1B, diluted EPS $4.90
  • FY26 OCF $102.7B, FCF $96.6B (calc), capex $6.0B
  • FY26 SBC $6.4B (3.0% of rev)
  • FY26 cash + securities $62.6B, total debt $8.5B
  • FY26 share repurchases $40.1B, dividends $0.97B
  • Q1 FY27 guide $78B revenue +/- 2%, GM 74.9%
  • Buyback authorization remaining $58.5B
  • Segment FY26: Data Center $193.7B (+68%), Gaming $16B (+41%), ProVis $3.2B (+70%), Auto $2.3B (+39%)

NVIDIA Corporation FY25 Form 10-K (annual report) — customer concentration disclosure

primary-filing customer-analyst 2026-05-03 investor.nvidia.com
  • FY25 customer-concentration language: multiple direct customers each >10% of revenue, disclosed alphabetically (Customer A/B/C/D)
  • Top single direct customer rose from ~13% in FY24 to ~19-22% range in FY25 disclosure window
  • Purchase obligations to suppliers >$30B (TSMC CoWoS, SK Hynix HBM, OEM/ODM)
  • Segment revenue breakdown: Data Center / Gaming / Professional Visualization / Automotive / OEM

NVIDIA Corporation FY26 interim 10-Q filings

primary-filing customer-analyst 2026-05-03 investor.nvidia.com
  • FY26 customer-concentration trend: top-2 customers each >10% of revenue
  • FY26 segment mix run-rate: Data Center ~88% (Compute + Networking)
  • Supply-constrained vs demand-constrained framing; CoWoS / HBM allocation as binding constraint

NVIDIA current valuation statistics (StockAnalysis)

data-aggregator financial-analyst 2026-05-03 stockanalysis.com
  • Market cap $4.82T, EV $4.77T
  • Forward P/E 23.8x, trailing P/E 40.5x
  • EV/Sales 22.1x, EV/EBITDA 35.8x
  • FCF yield 2.0%
  • Stock at $198.45 as of May 1, 2026

NVIDIA FY24/FY25 10-K disclosures — geographic and FX framing

general-knowledge macro-analyst 2026-05-03
  • Geographic revenue mix (US ~45-50%, Singapore booking ~15-20%, China ~10-15%, Taiwan ~5-8%)
  • USD invoicing convention
  • Minimal net debt
  • TSMC sole-sourcing for leading-edge logic
  • ~30k employees (R&D-heavy, US-based)

NVIDIA historical P/E ratio (Macrotrends)

data-aggregator financial-analyst 2026-05-03 macrotrends.net
  • NVDA 5-year average P/E ~68x; current ~40x trailing is ~40% below 5y average and 26% below 10y mean of 54x

NVIDIA income statement multi-year (StockAnalysis)

data-aggregator financial-analyst 2026-05-03 stockanalysis.com
  • FY24 revenue $60.9B, GM 72.7%, OM 54.1%, NM 48.9%, EPS $1.19, diluted shares 24,940M
  • FY25 revenue $130.5B, GM 75.0%, OM 62.4%, NM 55.9%, EPS $2.94, diluted shares 24,804M
  • FY26 revenue $215.9B, GM 71.1%, OM 60.4%, NM 55.6%, EPS $4.90, diluted shares 24,514M

User cohort-level customer context (provided in analyst brief)

user-context customer-analyst 2026-05-03
  • Hyperscaler dual-buyer counter-leverage: hyperscalers buy NVIDIA AND build custom silicon to keep negotiating power
  • Neocloud demand layer (Crusoe, Fluidstack, Lambda, CoreWeave) as new buyer class with own dynamics
  • Sovereign AI / state-level buyers as structural new customer set
  • Frontier-lab buyers (OpenAI, Anthropic, xAI) procure through hyperscaler colos and neoclouds
  • Demand quality: unit cost of intelligence dropping ~10x/year expanding total compute demand (Jevons), 'DeepSeek moment' framing

User-documented cohort macro lens

user-context macro-analyst 2026-05-03
  • Taiwan loss treated as existential
  • US-China decoupling structurally suppresses China revenue
  • Datacenter capex framed as structural this cycle
  • Power as ultimate constraint bleeding into rate/fiscal dynamics
  • FX exposure meaningful with significant Asian/European entity flow