Nvidia just posted $81.6 billion in quarterly revenue, an 85% jump from a year ago. But buried inside those numbers is a story that goes well beyond selling GPUs to hyperscalers.
The company’s Q1 fiscal 2027 results, reported on May 20, revealed that networking revenue within its Data Center segment hit $14.8 billion, up 199% year-over-year. That triple-digit growth rate outpaces even the Data Center segment’s own 92% expansion. Meanwhile, Nvidia’s investment portfolio generated roughly $15.9 billion in non-operating income, creating a widening gap between operating income and net income.
The numbers behind the narrative shift
Data Center revenue reached a record $75.2 billion, accounting for the overwhelming majority of Nvidia’s total haul.
Networking revenue nearly tripled to $14.8 billion, a pace that positions Nvidia as what it now calls the world’s largest networking provider.
