Below is Dolphin Research's Trans of $NVIDIA(NVDA.US) FY27 Q1 earnings call.

I. Core takeaways from the earnings report

NVDA released FY2027 Q1 results after the US close in the early hours of May 21, 2026 Beijing time (quarter ended Apr 2026). 1) Core operating metrics: $NVIDIA(NVDA.US) delivered revenue of $81.6bn, beating the raised buy-side estimates ($78–80bn).

Below is Dolphin Research's Trans from NVDA's GTC 2026 analyst session. For our readout on the GTC conference, see 'NVDA GTC: The AI gala—high hopes, letdown?'. I. $NVIDIA(NVDA.US) analyst session key takeaways.

For detailed commentary, see 'NVIDIA GTC: AI’s Spring Gala — High Hopes or Letdown?'.

Jensen Huang, NVIDIA’s founder and CEO, delivered the keynote at GTC 2026.

On Mar. 16, 2026, Jensen Huang, founder and CEO of NVIDIA, delivered the keynote at GTC 2026.

Below is Dolphin Research's transcript of NVIDIA's FY2026 Q4 earnings call; for our take, see 'NVIDIA: Earnings Frenzy vs. Cold Stock — Is the No. 1 Stock in the Universe Losing Favor?'$NVIDIA(NVDA.US)

Key takeaways: (1) FY2027 guide: full-year non-GAAP GPM to hold around 75% (mid-70s), in line with last quarter's commentary.

Maintaining that margin hinges on continued generation-to-generation performance leaps for customers. If perf-per-watt gains meaningfully outpace Moore's Law...

Nvidia (NVDA) reported Q4 FY2026 results after-hours in the early hours of Feb 26, 2026 (Beijing time). The quarter ended Jan 2026.

1) Core operating metrics: $NVIDIA(NVDA.US) total revenue was $68.1bn, beating raised buy-side estimates of $67.0bn. Revenue rose $11.1bn QoQ, driven largely by Data Center as Blackwell scaled into mass production. GPM was 75%, expanding 160bps QoQ...

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

With AI demand fueling the current memory 'super cycle', the sector rallied again last night. Gainers included $Sandisk(SNDK.US) +27% and $Micron Tech(MU.US) +10%.

In our prior piece 'AI's Original Sin: Is NVIDIA the stimulant AI can’t quit?', Dolphin Research argued that the key shift for the AI supply chain in 2025 is the extreme upstream capture of value, which has thrown the system out of balance. This imbalance is reshaping incentives and risk-taking across the stack.

With FOMO running high, AI spend keeps climbing, while rivalry among core players has become more explicit. Capital allocations are increasingly concentrated at the top of the chain.

As the internet enters the AI era, regardless of how shifting inputs reshape bargaining power along the value chain, one ultimate question remains. After front-loaded investment in heavy capex, deep tech, and top talent with an approx. five-year depreciation cycle, is this ultimately a bubble?