Nvidia

Nvidia designs graphics processing units, called GPUs, and related hardware. Data centers use these chips to train and run AI models. Nvidia also sells networking equipment that links many chips together inside a data center.

Cloud companies and AI labs buy this hardware. This is most of Nvidia's revenue.

The market prices Nvidia at a discount because some of its huge revenue growth may not be fully organic. Large buyers use debt, or financing Nvidia itself provides, to pay for chips. This makes some demand look circular, meaning Nvidia's own money may be funding purchases of its own chips. The Department of Justice is also checking whether Nvidia structured a license deal with AI startup Groq to avoid normal antitrust review.

In November 2026, Nvidia's board started an independent investigation, after press reports said that a foreign intelligence effort targeted CEO Jensen Huang. The reports link this to Megaspeed, a Singapore cloud customer that US prosecutors reportedly investigate for sending Nvidia chips to China. This adds key-person and export-control risk. Nvidia also expects a lower gross margin.

It guided the next quarter to about 74%, down from 75%, and its finance chief said that the margin will be lowest, at 71% to 72%, in the quarter after that. For the gap to close, revenue growth must keep coming from many customers, not just financed ones. The new Vera Rubin chip platform must also keep shipping widely. The board investigation must find no loss of Nvidia secrets and no export violation, and Huang must keep leading the company.

The Groq inquiry must end without a forced change to the deal, and gross margin must stop falling. The next tests are Nvidia's fiscal Q3 earnings call on November 17, 2026, and a closed-door House briefing that three committee chairmen asked Huang to give on November 18, 2026. The board gave no date for its findings, and a Justice Department decision on Groq could take longer, likely into 2027. If demand and margins hold up over the next two to three quarters, and the investigation finds no wrongdoing, the gap can close.

1. Nov 17, 2026Pending

   Fiscal Q3 2027 results: gross margin and customer breadthGross margin near the 74% guidance and data center growth from many customers pass; a margin below guidance or growth that depends on financed buyers fails.
2. Nov 18, 2026 · est.Pending

   House committees' closed-door briefing with Jensen HuangA briefing that leads to no new export limits or formal inquiry passes; a subpoena, a public hearing or new limits on Nvidia's sales fails.
3. Feb 2027 · est.Pending

   Fiscal Q4 2027 results: margin floor and Vera Rubin rampGross margin that holds at or above the 71% to 72% guidance while Vera Rubin ships widely passes; a further margin cut or a slow Rubin ramp fails.
4. Q1 2027 · est.Pending

   Board investigation findings on the foreign intelligence effortFindings that no Nvidia secrets or export rules were compromised, with Huang still CEO, pass; a security failure, a charge or a change of CEO fails.
5. Q2 2027 · est.Pending

   Hugging Face purchase closes after regulatory reviewA close in the first half of 2027 on the agreed terms passes; a block or a long delay by regulators fails.
6. 2027 · est.Pending

   Justice Department decision on the Groq license dealAn inquiry that ends with no forced change to the Groq deal passes; a lawsuit or an order to undo the deal fails.

Every passed and failed checkpoint across all picks

• November 10, 2026The independent members of Nvidia's board hired Joon H. Kim, a former acting U.S. Attorney for the Southern District of New York, and his law firm Wachtell, Lipton, Rosen & Katz to do the investigation that the board announced on November 8, 2026.
• November 8, 2026Nvidia's board started an independent investigation, after press reports said that CEO Jensen Huang was the target of a foreign intelligence effort. A committee of independent directors, with outside counsel, oversees it. The board said that it has no reason to believe that national security or Nvidia secrets were compromised, and that it has confidence in Huang. Huang stays CEO and said that he will cooperate fully.
• November 8, 2026In a message to employees, Jensen Huang apologized and said that he was unfaithful to his wife. Press reports say that the affair was with Alice Huang, a Megaspeed executive whom US officials reportedly see as a Chinese intelligence asset. She is not related to him.

Last earnings

August 26, 2026 (8-K on sec.gov)

Next earnings

November 17, 2026, as the company confirmed.

• 8-KOther company newsFiled September 3, 2026 · nvda-20260902
• 10-QQuarterly report for the period ended Jul 26, 2026Filed August 26, 2026 · nvda-20260726
• 8-KEarnings releaseFiled August 26, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled August 17, 2026 · nvda-20260817
• 8-KChange of directors or officersFiled July 2, 2026 · nvda-20260628
• 8-KShareholder vote resultsFiled June 30, 2026 · nvda-20260624
• 8-KOther company newsFiled June 18, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Apr 26, 2026Filed May 20, 2026 · nvda-20260426
• 8-KEarnings releaseFiled May 20, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled May 8, 2026 · nvda-20260507

Every filing on SEC EDGAR (CIK 1045810)

• Nvidia's board investigates reports that a foreign intelligence effort targeted CEO Jensen Huang, through a customer that US prosecutors reportedly investigate for chip diversion to China. Huang founded Nvidia and leads its strategy and its relations with large customers and governments. If the investigation finds a security failure, or if Huang must step back, Nvidia could face export limits, fines or a change in leadership.
• Nvidia first planned to invest up to $100 billion in OpenAI, to help fund OpenAI's purchase of Nvidia chips for a 10-gigawatt data center buildout. In February 2026, Nvidia invested $30 billion in OpenAI's funding round. Nvidia also guarantees up to $105 billion of lease and power payments for an OpenAI data center campus in Ohio. This kind of vendor financing ties Nvidia's future revenue to the financial health of one customer. It makes some reported demand harder to separate from organic demand.
• Google, Amazon, and Microsoft each build their own AI chips. The research company TrendForce expects shipments of these custom chips to grow 44.6% in 2026, faster than the 16.1% it expects for GPUs. If this continues, custom chips will do a growing share of AI work that now runs on Nvidia GPUs.
• Nvidia expects a lower gross margin: about 74% in Q3 fiscal 2027 and 71% to 72% in Q4, down from 75% in Q2. The finance chief said that higher memory prices cause this. Costs that increase faster than prices can decrease profit, although revenue continues to grow fast.
• Nvidia's near-term outlook excludes China data center revenue, after a year of shifting US export rules for its chips. In September 2026, press reports said that the Department of Justice is checking whether Nvidia structured its license deal with AI startup Groq, which reports put at about $17 billion to $20 billion, to avoid normal antitrust review. Both issues add regulatory uncertainty to Nvidia's growth path.

Nvidia holds much more cash than debt, but the balance sheet does not show its largest calls on cash. These are $279 billion of supply and capacity commitments and $47.9 billion of stakes in private companies. Read more

Yield at the current rate

0.6% (current annual rate, at today’s price)

Dividend yield

0.3% (last 12 months, at today’s price of $173.73)

Paid per share

$0.52 in the last 12 months (4 payments)

Current annual rate

$1.00 ($0.25 × 4 a year)

Payout ratio

1% of the last fiscal year’s earnings (the year that ended January 25, 2026)

Latest ex-dividend date

September 10, 2026, $0.25 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 20.1% a year. From 2015 to 2025, the dividend grew by about 15.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.