Nvidia Says Its Cloud Customers Are Sitting on a $2 Trillion Backlog -- Here's What Nvidia's Cut Is Worth by 2028
Yahoo Finance ·
Nvidia ( NVDA +1.80% ) reported its fiscal second-quarter results on Aug. 26, and the figures were extraordinary. Quarterly revenue rose 106% year over year to $96.2 billion, accelerating from the 85% growth recorded in the fiscal first quarter. Data center revenue rose 117% to $89.0 billion. But the figures that caught my eye came out of the earnings call, from chief financial officer Colette Kress. "With cloud industry backlog now greater than $2 trillion, [capital expenditures] by the top 5 hyperscalers is expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027," Kress said. That backlog is the pipeline behind both spending figures: cloud customers turn it into data centers, and a meaningful share of every data center dollar goes to Nvidia. So the way to size Nvidia's cut is to pin down that share.
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