NVIDIA Achieves $96 Billion Quarterly Revenue; New Revenue Leadership Shifts from Hyperscalers to Neoclouds

NVIDIA reported Q2 FY27 revenue of $96 billion, up 106% year-over-year and 18% quarter-over-quarter, and provided Q3 guidance of $108 billion. This marks the first time in the semiconductor industry that a single quarter's revenue has exceeded $100 billion, propelling the company to become the sixth-largest global enterprise by annualized revenue.

The revenue composition is changing. While hyperscaler revenue more than doubled year-over-year, the quarter-over-quarter growth rate was only 13%. In contrast, ACIE (All Cloud, Industry, Enterprise) revenue, which includes AI-native, enterprise, and sovereign customers, increased 138% year-over-year and 25% quarter-over-quarter. As a result, neoclouds now account for the majority of new data center revenue, signifying business diversification but also implying the risk of decreased demand due to hyperscalers' development of proprietary chips.

Credit risks have also increased alongside the expansion of the new customer base. DSO (Days Sales Outstanding) surged from 45 days in the previous quarter to 60 days, with accounts receivable reaching $63 billion. This is the result of expanded vendor financing, such as extended payment terms for investment-grade customers, and future DSO trends will serve as a key indicator of how much credit NVIDIA provides to support the growth of customers who struggle to secure their own funding.