NVIDIA Corp. (NVDA) shares gapped to a fresh all-time high of $148.20 in pre-market Thursday — a 4.6% gain — as Wall Street analysts incorporated the post-Mag 4 capex revisions into FY27 data-center revenue forecasts. Across the eight major sell-side coverage initiations published since the Wednesday earnings prints, FY27 data-center revenue forecasts have been raised by an aggregate $135 billion, with implied capex flowing to NVIDIA-supplied accelerators, networking, and software.
The arithmetic is straightforward: Microsoft raised FY26 capex to a "low-$80s billion" run-rate plus $26-$27 billion implied Q4 from the latest quarter; Alphabet held $80 billion; Meta lifted to $97-$103 billion; and Amazon stunned with $110-$120 billion. The combined fiscal-2026 capex envelope across the four hyperscalers is now approximately $385 billion — up from approximately $265 billion when 2026 budgets were first communicated last summer. Roughly 58% of incremental capex is allocated to AI accelerators and supporting infrastructure, according to JPMorgan estimates.
Blackwell Ultra Mix and Rubin Roadmap
NVIDIA's Blackwell Ultra (B300) — currently shipping in volume — represents approximately 78% of data-center accelerator revenue this calendar quarter, according to Bernstein analyst Stacy Rasgon. The Rubin platform is scheduled for sampling in Q3 2026 with full ramp in Q4 2026. NVIDIA Networking — including the Spectrum-X Ethernet platform and Quantum-3 InfiniBand — is on a $24 billion annualized revenue run-rate, up from $18 billion six months ago.
CFO Colette Kress is expected to provide updated supply commentary at the Q1 FY27 earnings release scheduled for May 22. Wall Street consensus for the May print is $0.94 EPS on $48.4 billion of revenue — both numbers that have been revised meaningfully higher in the past 24 hours. Buy-side hedge fund consensus, per a Bank of America positioning survey, sits at $0.97 and $50.0 billion respectively.
AI Supplier Rally
The NVIDIA gap-up dragged the broader AI infrastructure complex higher: Broadcom (AVGO) +3.0%, Advanced Micro Devices (