Nvidia just posted $81.6 billion in quarterly revenue, an 85% jump from a year ago, and the stock still managed to dip in after-hours trading.
Bank of America raised its Nvidia price target from $320 to $350 on May 21, reaffirming a Buy rating and naming the chipmaker a top pick. With shares trading near $223 at the time, that target implies roughly 57% upside.
The numbers behind the AI machine
Nvidia’s fiscal Q1 2027 results, released May 20, were dominated by one segment: Data Center. That division alone generated $75.2 billion in revenue, a 92% increase year-over-year, accounting for more than 92% of total company revenue.
The company issued forward guidance of approximately $91 billion for the next quarter. Nvidia also authorized an $80 billion stock repurchase program alongside a higher dividend.
Why crypto investors should care
Former Bitcoin miners are increasingly becoming AI landlords. Companies like Core Scientific and Hut 8, which built their businesses around proof-of-work mining, have been leasing GPU capacity to AI labs and high-performance computing clients, using the same energy infrastructure and cooling systems that power mining rigs to host Nvidia’s data center GPUs.
Core Scientific emerged from bankruptcy in 2024 and has since signed substantial hosting deals for AI workloads. Hut 8 has pursued a similar strategy, diversifying revenue streams beyond the mining landscape.
Bank of America’s analysts have also significantly revised their estimates for the total addressable market for AI data centers through 2030, underscoring sustained demand for GPUs in AI applications.
What this means for investors
For crypto-native investors, the Nvidia earnings cycle has become a leading indicator worth tracking. When Nvidia guides higher, it signals that hyperscalers and AI labs are spending aggressively on compute, spending that flows downstream to GPU hosting providers, many of which are former or current Bitcoin miners.
A $91 billion quarterly guidance implies annualized revenue approaching $360 billion. AMD and custom silicon efforts from companies like Google and Amazon remain competitive threats, though none have meaningfully dented Nvidia’s market share in training workloads.