In partnership with
☕ Thursday, February 27, 2026
Happy Thursday, Crowd!
Nvidia just reported earnings.
$68.1 billion in revenue. In one quarter.
Let that sink in for a second.
That's more revenue in 90 days than Nike makes in an entire year.
And here's the part that should terrify every AI skeptic: Q1 guidance is $78 billion. They're going to do $78 BILLION next quarter.
I've been covering tech for 15 years. I've never seen a company print money like this. Not Amazon. Not Apple. Not Google during their peak growth years.
This isn't just earnings. This is proof that the AI boom is real, it's accelerating, and if you're not positioned correctly in private markets, you're missing the wealth transfer of our generation.
Read time: 4 minutes
Today, we bring you a Pre-IPO Stock 4,000%.
Click and redeem a special offer for our readers.
This Pre-IPO Stock Is Up 4,000% Already
How do you follow 4,000% valuation growth? By preparing for what’s next. That’s what pre-IPO company Immersed did, reserving the Nasdaq ticker $IMRS.
But the real opportunity for investors is now, before public markets.
Why? Immersed changed the game in extended reality (XR), developing the Meta Quest store’s most popular productivity app. They have more than 1.5M users, including Fortune 500 teams, many who already use it up to 60 hours a week.
But that’s not all. Immersed’s soon-to-be-released XR headset has 2M more pixels than Apple’s Vision Pro for 70% less cost and weight. No wonder they’re projecting $71M in first-year sales.
Immersed is redefining the $250B+ future of work. That’s why 6,000+ investors have already secured pre-IPO shares in Immersed’s growth.
They have partnerships in place with Qualcomm and Samsung. Executives and founders from Palantir, Facebook, Reddit, and Sailpoint invested. You can, too. But there’s no time to waste. Invest in Immersed before the opportunity closes.
This is a paid advertisement for Immersed Regulation A+ offering. Please read the offering circular at https://invest.immersed.com/
The Numbers That Prove Everything
Q4 Fiscal 2026 (ended January 25, 2026):
Revenue: $68.1 billion (+73% year-over-year, +20% quarter-over-quarter)
Data Center revenue: $62.3 billion (+75% YoY, +22% QoQ)
EPS: $1.62 (non-GAAP) vs $1.53 expected
Net income: $35.9 billion for the quarter
Full Fiscal Year 2026:
Revenue: $215.9 billion (+65% from fiscal 2025)
Net income: $120.1 billion (yes, you read that right)
Free cash flow: $97 billion
Q1 Fiscal 2027 Guidance:
Expected revenue: $78 billion (± 2%)
Wall Street was expecting: $72.6 billion
They beat expectations by $5.4 billion
Let's put this in perspective: Nvidia will make more in ONE QUARTER (Q1 2027) than Anthropic's entire $380 billion valuation.
And here's the kicker: 91% of Nvidia's revenue comes from data centers.
Translation: This isn't a diversified tech company. This is the AI gold rush, concentrated into a single revenue stream.
What These Numbers Actually Mean
For the AI skeptics who say "this is a bubble":
Nvidia's fiscal year 2026 revenue ($215.9B) is larger than:
The entire GDP of New Zealand ($242B)
Boeing + Lockheed Martin + Raytheon combined
Every single luxury brand (Louis Vuitton, Hermès, Gucci) combined
And they did it with 75% gross margins.
When you're printing $120 billion in net income on $216 billion in revenue, you're not in a bubble. You're a monopoly.
For investors who think "AI is oversaturated":
Look at the quarterly progression:
Q1 FY26: $44.1B
Q2 FY26: $46.7B
Q3 FY26: $57.0B
Q4 FY26: $68.1B
Q1 FY27 (guidance): $78.0B
That's acceleration, not saturation.
Every quarter is 15-20% higher than the last. This isn't slowing down. It's speeding up.
For the "who's buying all these chips?" crowd:
Here's what Jensen Huang said on the earnings call:
"Hyperscalers account for about 50% of our revenue. But the other 50%? AI model makers, enterprises, sovereign funds, research institutions. Everyone is buying."
The hyperscalers alone are spending $700 billion on AI capex in 2026.
Amazon, Google, Meta, Microsoft, Oracle — they're ALL racing to build data centers. And they're ALL buying Nvidia chips.
Because here's the simple truth: If you want to train AI models, you need GPUs. And if you want the best GPUs, you buy Nvidia.
There is no alternative. AMD is years behind. Intel is struggling. Custom chips (Google TPUs, Amazon Trainium) are niche.
Nvidia has 90%+ market share. And that's not changing anytime soon.
The Private Market Opportunity Nobody's Talking About
Here's what most investors are missing:
You can't buy Nvidia at pre-IPO prices. It's been public since 1999.
But you CAN invest in the companies that:
Supply Nvidia (materials, components, manufacturing)
Use Nvidia chips (AI startups training models)
Enable Nvidia's ecosystem (power, cooling, infrastructure)
Let me break this down:
Category 1: Nvidia's suppliers
Every Nvidia GPU needs:
Rare earth magnets (Noveon Magnetics raised $215M in Feb 2026)
Chipmaking equipment (ASML, Applied Materials)
Advanced packaging (TSM subsidiaries)
These companies have pricing power because Nvidia NEEDS them to hit production targets.
When Nvidia guides $78 billion for Q1, that means their suppliers are about to print money.
Category 2: Companies using Nvidia chips
The AI companies raising mega-rounds? They're Nvidia customers:
Anthropic ($30B raise): Buying thousands of H100s and Blackwell chips
xAI ($20B raise): Building data centers with Nvidia GPUs
OpenAI ($100B+ raise expected): Largest Nvidia customer
These companies can't exist without Nvidia.
And when you invest in them at Series B-D, you're betting they'll 10-100x by IPO.
Category 3: Physical infrastructure
Here's the part everyone overlooks:
Nvidia's $62.3 billion in Q4 data center revenue? Those chips need:
Power: Data centers will consume 12% of U.S. electricity by 2028 (up from 4.4% today)
Cooling: GPUs generate heat. Cooling infrastructure is the bottleneck.
Real estate: You can't build data centers anywhere. Zoning, power grid access, land.
This is where the next wave of returns will come from.
Because software (Nvidia's chips, AI models) can scale infinitely.
But physics can't.
You can't manufacture enough power. You can't cool servers fast enough. You can't build data centers overnight.
The companies solving those physical constraints have monopoly pricing power.
The Simple Filter Every Private Market Investor Needs
After analyzing Nvidia's earnings and the $700 billion in hyperscaler capex for 2026, here's the framework:
✅ INVEST IN THIS:
Physical infrastructure companies
Energy storage (grid can't scale fast enough)
Cooling technology (thermodynamics is the bottleneck)
Data center real estate (limited supply, growing demand)
AI model companies with proprietary data
Medical AI (patient records, FDA approval moats)
Voice AI (unique voice datasets)
Vertical AI (industry-specific data that can't be scraped)
Picks-and-shovels plays
Rare earth materials (Nvidia needs magnets, silicon, packaging)
Semiconductor equipment (chipmakers need tools)
Cloud infrastructure (companies building on AWS/Azure/GCP)
❌ DO NOT INVEST IN THIS:
Consumer AI apps
"ChatGPT for [profession]" → OpenAI will add that feature
AI productivity tools → Commoditized by Microsoft/Google
General-purpose chatbots → No moat, no pricing power
Late-stage Nvidia competitors
AMD is 5 years behind
Intel is struggling with manufacturing
Startups can't compete with $120B in net income
Companies without pricing power
If your customer can switch to a competitor in 30 days → pass
If you're fighting on price instead of features → pass
If AI models can replace your product → pass
The rule:
When Nvidia prints $68 billion in revenue, ask yourself:
Who supplies Nvidia? (Invest)
Who uses Nvidia chips? (Maybe invest, if they have moats)
Who enables Nvidia's ecosystem? (Definitely invest)
Don't compete with Nvidia. Ride alongside Nvidia.
What This Means If You're Investing in Private Markets
Nvidia's earnings prove three things:
1. The AI boom is real (not a bubble)
When a company grows revenue 73% year-over-year and guides HIGHER for next quarter, that's not speculation. That's demand.
Real companies (Amazon, Google, Meta, Microsoft) are spending real money ($700B in 2026) on real infrastructure (data centers, chips, power).
This is the biggest infrastructure buildout in human history.
Bigger than railroads in the 1800s. Bigger than highways in the 1950s. Bigger than the internet in the 1990s.
2. Infrastructure > Applications
Look at where the money is going:
Nvidia (infrastructure): $68.1B revenue in Q4
AI apps (most): Dead or dying
The companies making money are selling to other AI companies.
Nvidia sells to Anthropic. Anthropic sells to enterprises. Enterprises pay subscription fees.
The further you are from infrastructure, the lower your margins.
3. Physics is the bottleneck, not software
Nvidia can design chips faster than:
TSM can manufacture them
Data centers can power them
Grid operators can supply electricity for them
Software scales infinitely. Physics doesn't.
The companies solving physical bottlenecks (power, cooling, materials, manufacturing) will have pricing power for the next decade.
The Bottleneck Nobody's Pricing In
Here's what Nvidia's $78 billion Q1 guidance actually means:
They're going to ship GPUs that will consume more electricity than the entire country of Sweden.
Let me say that again: One quarter of Nvidia chip shipments = Sweden's annual power consumption.
The grid can't handle this.
Data centers already use 4.4% of U.S. electricity. By 2028, it'll be 12%.
Google just announced $185 billion in capex for 2026. About 60% of that is power infrastructure for data centers.
Not GPUs. Not software. Electricity.
Because you can have the best AI chip in the world, but if you can't power it, it's useless.
This is where the smart money is moving.
And here's the part most people miss:
Software can scale infinitely. Physics can't.
Nvidia can design chips as fast as they want. But they can't:
Manufacture them faster than TSM's capacity
Power them faster than grid operators can supply electricity
Cool them faster than thermodynamics allows
Physics is the bottleneck.
The companies solving physics constraints will have monopoly pricing power for the next decade.
That's where the real money is.
See you tomorrow for a Friday Special.
Alberto