NVIDIA Robs All of Big Tech. Except Apple

Here is the trade of the decade: hyperscalers are spending hundreds of billions on AI infrastructure, and almost all of that money lands on one company’s income statement. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) just guided fiscal first quarter 2027 revenue to roughly $78 billion, on top of full year fiscal 2026 revenue of $215.94 billion, all delivered at non-GAAP gross margins of 75%. Every dollar of hyperscaler capex routed through Jensen Huang’s company converts to outsized profit. Big Tech’s earnings used to define the high water mark of corporate America. They are now being rerouted to Santa Clara.

Look at 2026 capex commitments. Amazon (NASDAQ:AMZN) plans about $200 billion in capex this year, with Q1 alone hitting $44.2 billion, up 77% year over year. Alphabet (NASDAQ:GOOGL) raised its 2026 guidance to $175 to $185 billion, with Q1 capex of $35.7 billion, more than double last year. Meta Platforms (NASDAQ:META) raised its range to $125 to $145 billion. That is more than half a trillion dollars in 2026 spending from three companies, with the dominant destination being NVIDIA silicon and systems built around it.

The Visible Win

NVIDIA’s shareholders are getting paid. The stock is up 21% year to date and 74% over one year, on a market cap near $5.63 trillion. Q4 fiscal 2026 free cash flow alone hit $34.9 billion. Street estimates project NVIDIA will generate roughly $421 billion in free cash…