NVDA changes
Pick any two versions below to diff them.
- Price
- $186.64 → $173.73(−6.9%)
- Risks
- 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 removed: $20 billion license deal with AI startup removed: Groq added: Groq, which reports put at about $17 billion to added: $20 billion, to avoid normal antitrust review. Both issues add regulatory uncertainty to Nvidia's growth path.
- Recent events
- Nov added: 10, 2026: The 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, added: 2026. Nov 8, 2026: Nvidia'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. Nov 8, 2026: In 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. Nov 4, 2026: The chairmen of three House committees (Foreign Affairs, the Select Committee on the CCP, and Intelligence) asked Jensen Huang to give a closed-door briefing on November 18, 2026. The topics are Nvidia's protection against foreign spying and his contacts with Alice Huang. This is a request, not a subpoena. Oct 29, 2026: The New York Times reported that US intelligence believes China's Ministry of State Security recruited Alice Huang, an executive of Singapore cloud company Megaspeed, to target Jensen Huang. Press reports say that Megaspeed bought more than $4.8 billion of Nvidia equipment in about two years, and that US prosecutors investigate it for sending chips to China. Nvidia said that Megaspeed is a regional cloud customer and that it found the diversion claims false. Megaspeed denies any illegal export. Oct 28, 2026: Nvidia said that it will hold its call on fiscal Q3 2027 results, for the quarter that ended October 25, 2026, on November 17, 2026. Oct added: 27, 2026: Nvidia and Oracle said that Oracle Cloud Infrastructure will grow its clusters of Vera Rubin NVL72 systems to a scale of several gigawatts. Vera Rubin NVL72 systems and Vera CPUs are now generally available on Oracle's cloud. Oct 26, 2026: Anthropic filed for its initial public offering. Its S-1 lists NVIDIA GPU compute deals through SpaceXAI (up to $120.5 billion), Nscale (about $44.6 billion) and Lambda (about $41.3 billion). Oct 19, 2026: At an investment summit in Berlin, Nvidia announced commitments of nearly $10 billion to companies, universities and research institutions in Europe. Germany's government and Nvidia signed a joint plan to develop AI for factories, robots, machines and cars. Nvidia named four German start-ups that it plans to back, and Siemens agreed to work with Nvidia on AI-run factories. The press reports did not give the amount for Germany alone. Oct 2, 2026: The Financial Times reported that Amazon is in talks to move about $8 billion of Nvidia Grace Blackwell chips into a separate company that borrows money, and to lease the chips back. These are talks only, and neither company made a comment. Sep 28, 2026: Nvidia raised its share repurchase authorization by $150 billion. The total remaining authorization is now $235 billion, to be used through fiscal 2028. Sep 9, 2026: The New York Times reported that the US Department of Justice is looking into whether Nvidia structured its license deal with AI chip startup Groq to avoid antitrust review. Reports put the deal at about $17 billion to $20 billion. The deal gave Nvidia a non-exclusive license to Groq's chip technology, and Nvidia hired Groq staff, including founder Jonathan Ross. The Department of Justice did not confirm the inquiry. Sep 3, 2026: Nvidia agreed to buy AI model platform Hugging Face for about $11.9 billion, plus up to $1.0 billion of retention awards for staff. Nvidia expects the deal to close in the first half of 2027, after regulatory approvals. Aug 31, 2026: Nvidia agreed to invest $3.5 billion in MediaTek, through most of a $3.9 billion convertible bond offering by MediaTek. MediaTek will let its customers use Nvidia's NVLink Fusion technology to design custom AI chips that connect to Nvidia systems. CEO Jensen Huang said that the deal is "not circular," but some analysts question this claim. Aug 26, 2026: Nvidia reported Q2 fiscal 2027 results. Revenue was $96.2 billion, up 106% from last year. Data center revenue was $89.0 billion, up 117% from last year. Gross margin was 75.0%. Aug 26, 2026: Nvidia guided Q3 fiscal 2027 revenue to $108.0 billion, plus or minus 2%, and gross margin to about 74%. On the earnings call, the finance chief said that higher memory costs will make the gross margin lowest in Q4, at 71% to 72%, and that it will then be 72% to 73% in fiscal 2028. The outlook includes no data center revenue from China. Aug 26, 2026: Nvidia said that it started production shipments of the Vera Rubin platform in August 2026. It expects Vera Rubin to be about 20% of data center revenue in Q3 fiscal 2027. Aug 17, 2026: Nvidia agreed to guarantee part of the lease and power payments for an OpenAI data center campus in Pike County, Ohio, of about 4.25 gigawatts. The guarantees go to the landlord, SB Energy, are capped at $105 billion, and start with the first lease phase in fiscal 2029. OpenAI must pay Nvidia back for any amount Nvidia pays. added: Jul 1, 2026: Nvidia named Nicholas Parker, a 26-year Microsoft executive, as Executive Vice President of Worldwide Field Operations, from about August 24, 2026. He replaces Ajay Puri, who leads Nvidia's sales and retires from the role after 21 years, and who stays as a senior advisor. May 20, 2026: Nvidia reported Q1 fiscal 2027 results. Revenue was a record $81.6 billion, up 85% from last year, and data center revenue was $75.2 billion, up 92%. GAAP gross margin was 74.9%. The board added $80.0 billion to the share buyback authorization and raised the quarterly dividend to $0.25 per share, from $0.01. Sep 22, 2025: Nvidia and OpenAI signed a letter of intent. Nvidia will invest up to $100 billion in OpenAI, step by step, as OpenAI deploys at least 10 gigawatts of Nvidia systems.