By Jeremy Phillips
Publication Date: 2026-04-01 11:16:00
Public Domain / Wikimedia Commons
(Public Domain / Wikimedia Commons)
Jensen Huang said something that should reframe how you think about Nvidia’s growth story.
It did for me.
“We gained share the number of customers outside of the clouds. The top five cloud service providers has now grown to 40% of our company’s business. Most people think that most of our business is in the cloud, but in fact, the fast, one of the fastest growing segments is outside of the enterprise.”
In other words, the market has been getting Nvidia wrong. The assumption that hyperscalers drive the whole story is outdated. An analyst on set who holds the stock called Huang’s explanation “as clear and understandable” a case as a CEO could make to investors on why the market has been mispricing the company.
The Numbers Behind the Shift
Nvidia (NASDAQ:NVDA) just reported a Q4 FY2026 total revenue of $68.13 billion, up 73.2% year over year. The Data Center segment alone generated $62.31 billion, up 75% year over year. Inside that number, Data Center Networking surged 263% year over year to $10.98 billion, driven by the NVLink fabric ramp for GB200 and GB300 systems.
Throughout FY2026, large cloud service providers represented approximately 50% of Data Center revenue each quarter. That means the other half, and by Huang’s telling one of the fastest-growing portions, is coming from enterprise, industrial, sovereign AI, and infrastructure partners.
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