NVIDIA FY1Q27 hit a record high with Data Center share above 92%，with GB/VR Rack rollout boosting liquid cooling and HBM supply chains.

Key Highlights

• Revenue Mix: Data Center surpasses 92% of total revenue; new disclosure framework highlights Hyperscale and ACIE expansion.
• Product Strategy: Blackwell remains the shipment mainstay, with GB/VR Rack systems rising toward nearly 78% of AI server volume.
• Customer Base: North American hyperscalers dominate, while NeoCloud and sovereign AI projects emerge as new growth engines.
• Thermal Shift: Rubin adopts fanless full-liquid cooling, pushing AI chip liquid cooling adoption past the halfway mark.
• Memory Outlook: HBM4 bottlenecks persist; HBM3e pivots toward ASIC customers, while SOCAMM lifts server LPDDR momentum.

Table of Contents

1. Introduction
   • NVIDIA Data Center Drives FY1Q27 Growth, Dominates Revenue
2. High Growth in NVIDIA's Revenue Will Be Driven by Main Offerings GB and VR Rack Solutions That Have High Unit Prices and Target North American Hyperscale CSPs and Neocloud Clients
   • NVIDIA Prioritizes GB and VR Rack-Scale AI to Lift Share
3. Liquid-Cooling to Officially Become a Mainstream Solution for AI Servers as Rubin Gradually Ramps Up in 2H26
   • AI Chip Liquid-Cooling Adoption to Climb in 2026 alongside GB300/VR200 Shipments
4. Supply Bottleneck on HBM4 Awaits Alleviation for 2026; Overall Supply Scale of HBM for 2027 to Depend on Level of Contract Prices
   • Penetration Rate of HBM Products in 2026 (Before and After)

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