NVIDIA achieved record revenue driven by cloud AI and data center dominance. North American CSPs lead demand, establishing the GB series as mainstream and accelerating liquid cooling. However, HBM4 delays impact Rubin's ramp-up, and China exports face geopolitical uncertainty.

Key Highlights

• Record Growth: Driven by AI infrastructure, data center revenue hit historical highs, led heavily by North American CSPs and emerging Tier-2 players.
• Tech Evolution: GB300 becomes the 2026 mainstream, pushing liquid cooling adoption to become the majority standard due to power demands.
• Key Risks: Uneven HBM4 verification progress may delay the Rubin platform's volume ramp-up; China exports remain constrained by geopolitical uncertainties.

Table of Contents

1. Introduction
   • Revenue from NVIDIA's Data Center Business Grew YoY in FY4Q26, Representing the Majority of the Company's Quarterly Total Revenue
2. NVIDIA Is Expected to Rely on North American CSPs for High Growth Momentum in 2026; H200 Exports to China Remain Uncertain
   • Major Sources of Demand for GB and VR Racks Are Still Coming from Major CSPs in 2026
3. Rising Shipment Momentum of NVIDIA's AI Server Racks to Accelerate Liquid-Cooling Penetration; Adoption among AI Chips to Officially Surpass the Majority Level in 2026
   • Adoption of Liquid-Cooling to Surpass the Halfway Mark among AI Chips alongside Shipment of GB300/VR200 in 2026
4. Variables on Mass Production Retain for Rubin Platform under Differentiated Qualification on HBM4 

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