As Nvidia prepares to announce its earnings for the first quarter of fiscal year 2026, which ended on April 27 all eyes are on the semiconductor giant. But while many analysts and market watchers are fixated on the potential impact of U.S. export restrictions, there is a much bigger development flying under the radar: the rollout of Nvidia’s revolutionary new AI hardware, the GB200 NVL72.
Export controls imposed by the U.S. government, especially on high-performance chips destined for China, have certainly sparked concern across the tech sector. Following the restrictions, Nvidia’s stock saw a momentary drop in what Kevin Cook, Senior Equity Strategist at Zacks Investment Research, referred to as a “flash crash.” But just as quickly, Nvidia’s shares rebounded. Cook said.
“That’s unique to Nvidia. Lots of companies are going to have hiccups, but Nvidia has the biggest moat. They have the most resilience to any of this,”.
This resilience stems not only from Nvidia’s dominance in AI chip design but also from its ability to pivot and innovate aggressively. And that’s exactly what it is doing with the GB200 NVL72.
Introducing the GB200 NVL72: Nvidia’s Next-Gen Powerhouse
The GB200 NVL72 is a single-rack, exascale AI computer designed for large-scale enterprise and hyperscale AI applications. Each unit includes 72 GPUs and comes with a hefty price tag of $3 million. Shipments began in February 2025, and this earnings report marks the first quarter where Nvidia’s revenue includes sales from this new machine. Cook, who has followed Nvidia for over a decade, believes the GB200 NVL72 is the single most important factor for investors to watch.
Cook said,
“If Jensen Huang says we are going to deliver 10,000 units in Q2, the street will be very impressed”
That’s a big doable number; 10,000 is $30 billion on a $3 million product. I think they are going to do less than 5,000.
Nvidia’s GB200 NVL72 at a Glance
| Feature/Metric | Detail |
| Product Name | GB200 NVL72 |
| Type | Single-rack exascale AI system |
| GPUs per unit | 72 |
| Price per unit | $3 million |
| Initial shipment date | February 2025 |
| Hypothetical Q2 target (high-end) | 10,000 units |
| Revenue potential (10,000 units) | $30 billion |
| Analyst adjusted estimate (Q2) | Fewer than 5,000 units |
| Key market use | Enterprise & hyperscaler AI infrastructure |
A Shift in Market Expectations
Earlier this year, Nvidia entered 2025 with immense anticipation surrounding the GB200 NVL72. However, confusion sparked by the DeepSeek incident in late January forced many analysts to lower their delivery forecasts drastically. From a promising start, expectations were suddenly cut in half.
Cook noted:
“Because this is the first quarter the company has shipped the machine, there isn’t yet a clear indicator of how things are going.”
That makes this earnings call uniquely important. For the first time, the market will receive real data on enterprise uptake of the GB200 NVL72. Will Fortune 500 companies and global hyperscalers treat AI hardware the way consumers treat iPhones, upgrading with every major launch? Or will they wait, cautiously, for multi-year returns on investment?
What This Means for Nvidia’s Future
Cook believes Nvidia’s future valuation hinges more on GB200 NVL72 adoption than on any single regulatory risk.
“As long as we hear that deliveries are expected to be steady to exceptional, then whatever fluctuations in this quarter’s revenue, I think, are going to be put on the back burner because the wind is in their sails for the rest of the year.”
In other words, while geopolitical risks may cause momentary turbulence, it is the underlying demand for Nvidia’s AI infrastructure that will shape its long-term trajectory. The GB200 NVL72 is not just a new product, it could redefine Nvidia’s revenue model and global market footprint. From the initial flash crash to rapid recovery, Nvidia has demonstrated remarkable market confidence. Despite U.S.-China tensions, it continues to find strong customer interest in Europe, the Middle East, and beyond. Cook mentioned that announcements like Stargate’s new AI initiative in the Middle East could be another strong win for Nvidia in international markets.
Our View: A Crucial Quarter
In our view, this quarter could mark a historic turning point for Nvidia. The company is entering a phase where hardware innovation, not policy risk, will define its success. If Nvidia confirms strong momentum behind the GB200 NVL72, we expect investor sentiment to remain bullish, regardless of near-term export complications. Yes, export bans matter. But the real story is how Nvidia’s AI machines are being adopted across the global enterprise ecosystem. All eyes should be on that $3 million rack. It will all be in.
Tech Writer