HomeCapEx: Actual vs Estimates, Plus Buyers Outside the five hyperscalers
Supply Chain Bridge: NVDA Revenue Checked Against five hyperscalers CapEx
Supply Chain Bridge: NVDA Revenue Checked Against five hyperscalers CapEx#
NVDA revenue has run at 0.45 to 0.54 of five hyperscalers CapEx for years; the rise to 0.54 in 1Q26 signals buyers outside the five hyperscalers stepping up.Draft, pending review
How to read this chart
The ratio has been stable at 0.45 to 0.54 because NVDA's customers go beyond the five hyperscalers and five hyperscalers CapEx goes beyond chips, and the two offset. A sharp fall would mean in-house chips substituting faster; a sharp rise means buyers outside the five hyperscalers stepping up. NVDA is converted from fiscal to calendar quarters, with roughly a month of offset.
Source: FinSight compilation and estimates · Updated 2026-09-03
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