Summary

• Nvidia Corporation reported Q1 FY27 results, with the usual beat and raised guidance, and the stock remains flattish.
• We're maintaining a buy on upside from the Vera Rubin ramp in Q3 FY27.
• NVDA stock also trades at a substantial discount to peers and its own history, leading us to believe Rubin could revive upside in H2 '26.
• We, however, were disappointed with the NVDA earnings call itself, as no one asked the hard questions on margins, China, and, of course, the big threat: ASIC.
• We see room for one last hurrah on the same AI GPU narrative in H2 '26, before we think it'll be time to reassess, as the ASIC ramp kicks down the door.
• This idea was discussed in more depth with members of my private investing community, Tech Contrarians. Learn More »

Nvidia Corporation (NVDA) reported its Q1 FY27 earnings results after the bell on Wednesday, and we’re a little disappointed.

There are no fundamental negatives in the results; demand remains overwhelmingly strong ahead of upcoming

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