Nvidia Earnings Spotlight on GB200 NVL72 AI Hardware Demand

Nvidia is set to report its fiscal Q1 2026 earnings after market close on Wednesday, covering the period ending April 27. While much attention is on the effects of recent U.S. chip export controls on Nvidia’s international business, industry experts suggest a more critical focus is the company’s rollout of its new GB200 NVL72 hardware.

Kevin Cook, senior equity strategist at Zacks Investment Research, highlights the GB200 NVL72 as a pivotal product. This single-rack exascale AI system, which began shipping in February, contains 72 GPUs and costs approximately $3 million. Despite strong demand expectations, delivery estimates were halved following disruptions related to DeepSeek in January.

Since this is the first quarter with actual shipments, there is no clear data yet on performance. Cook notes that if Nvidia CEO Jensen Huang announces plans to deliver 10,000 units in Q2, it would impress Wall Street, equating to $30 billion in revenue. However, Cook predicts actual deliveries will be below 5,000 units.

This shipment volume will reveal enterprise appetite for cutting-edge AI hardware. Will companies upgrade their AI infrastructure as frequently as consumers upgrade smartphones? The answer could shape Nvidia’s future trajectory significantly.

Regarding U.S. export controls, Cook expects immediate stock market reactions based on Nvidia’s commentary but believes these will not affect the company’s long-term valuation. Nvidia’s stock has demonstrated resilience, quickly recovering from the initial sell-off following export restriction announcements.

Cook emphasizes Nvidia’s strong competitive moat and diversified customer base, including major hyperscalers, which supports sustained demand despite geopolitical challenges. Additionally, projects like Stargate in the Middle East are expected to further bolster Nvidia’s market position.

Ultimately, the key takeaway for investors and industry watchers is the performance and delivery volume of the GB200 NVL72 units. Steady or exceptional deliveries could overshadow short-term revenue fluctuations, signaling strong momentum for Nvidia’s AI hardware business throughout the year.