No shipments of Data Center Hopper products to China occurred during the quarter, compared with $4.6 billion a year earlier. Nvidia is not assuming any China data-center compute revenue in its forecast.
↳ A whole market — switched off. And the company still grew 85%. That's the bull case and the warning at once.
Source · 10-Q · MD&A — Industry Conditions · Q1 FY27 · Filed May 20, 2026
✦ Teach me
How much rides on a handful of customers
Nvidia's Data Center revenue is 92% of total. Inside that, a handful of cloud giants () account for roughly half. Lose one big buyer, lose a lot at once.
Wall Street calls this
Customer concentration
Tells you how *fragile* the boom is. A few customers cutting orders moves the whole story.
From the 10-Q · the concentration risk
A small number of large customers, including hyperscale cloud customers, account for a substantial portion of our revenue. The loss of one or more major customers could materially harm our results.
↳ In English: half the revenue from a handful of cloud giants — and those same giants are building their own AI chips to escape paying Nvidia.