Nvidia (NVDA) shares fall even with balance sheet in line; What displeased investors?

Nvidia (NVDA) shares were trading slightly lower this Thursday (21), after the release of the balance sheet for the first quarter of the 2027 fiscal year, with investors reflecting results considered solid, but already widely anticipated.

At 1:25 pm this Thursday (21), the shares fell 0.54%, quoted at US$219.56.

Among the highlights of the balance sheet (read more here) is revenue of US$81.6 billion, an increase of 85% year-on-year and above market estimates. The segment of Data Center totaled US$ 75.2 billion, an increase of 92% in the annual comparison, and continued to be the main driver of growth.

GAAP operating profit was US$53.5 billion, while adjusted earnings per share (EPS) was US$1.86, in line with expectations.

Despite the performance, Itaú BBA analysts warn of the high concentration of revenue in hyperscalerslarge technology companies responsible for cloud infrastructure for artificial intelligence (AI). According to the bank, three customers account for around 54% of the company’s total revenue.

The report also points out that around 56% of recent revenue growth comes from this same group, reinforcing the level of concentration of the customer base.

Another point of attention is the risk of marginal substitution of chips from Nvidia for custom solutions (ASICs) developed by their own hyperscalerswhich could put pressure on the company’s market share in the medium term.

In parallel, the Investments in AI infrastructure remain high amid questions about the sustainability of spending in the sector. According to Safra estimates, industry capex should reach US$743 billion in 2026, with the potential to reach US$1 trillion in 2027.

*With supervision of Victor Azevedo