Company profile
SEC EDGAR ↗- Industry
- Semiconductors & Related Devices
- Listed
- Nasdaq: NVDA
- Incorporated
- DE
- Headquarters
- Santa Clara, CA
- Fiscal year end
- Jan 31
Financials
FY2026- Revenue
- $215.9B
- Net income
- $120.1B
- Total assets
- $206.8B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Bet-the-Company · Decision Forks
The Decade of Looking Wrong: How Nvidia's CUDA Bet Survived Wall Street's Contempt
For nearly ten years, Nvidia spent billions making its chips do something almost no one wanted. Analysts called it a margin drag. Then the world needed exactly that — and a graphics-card maker became the most important company of the AI era.
7 min
The Adjacency Expansion · Growth & Portfolio
Nvidia Started CUDA in 2004 and Absorbed an 80% Crash Waiting for the Bet to Pay
The legend says Nvidia rode a sudden AI wave from gaming to the datacenter. The truth: it started building CUDA in 2004, saw almost no payoff for nearly a decade, and watched its stock fall ~80% in 2008. The pivot was a long, expensive infrastructure bet — not a vision.
7 min
The Adjacency Expansion · Growth & Portfolio
Nvidia's One Bet on Parallel Compute Was Re-Licensed From Gaming to Science to Data Centers
Nvidia is read as a graphics company that got lucky on AI. It wasn't luck. It made one bet — parallel compute — and re-licensed it from gaming to science to data centers. By FY2024, the data center it once didn't sell to was 78% of a $60.9B business.
8 min
The Counterfactual · Decision Forks
Five Jurisdictions Cornered Nvidia Out of the $40B Arm Deal, at a $1.353 Billion Charge
Everyone says the FTC blocked Nvidia's $40B Arm acquisition. It didn't - no regulator ever issued a final order. Nvidia walked away on February 7, 2022, cornered by five jurisdictions at once, and ate a $1.353 billion charge for the privilege.
8 min
The Moat Anatomy · Moat & Competition
Nobody Can Out-Build Nvidia. They're Trying to Out-Wait It Instead.
Nvidia did $115.2B in data-center revenue in fiscal 2025, then kept accelerating to a $51.2B single quarter at a 73% gross margin by late 2025. The threat isn't a better chip - it's the market quietly splitting in two, with a fast-growing slice of China already walled off by Washington.
8 min
The Moat Anatomy · Moat & Competition
5.9 Million Developers Keep Nvidia Winning Against Chips With 1.5x the Compute
Everyone says you can't port CUDA off Nvidia. You can - AMD's HIP translates most of it. The real wall is that 5.9 million developers and ~250 hand-tuned libraries make Nvidia the path of least resistance even when rival silicon has 1.5x the raw compute.
8 min
The Pricing Power · Business Model
The H100's Price Has Almost Nothing to Do With the Chip
An H100 costs an estimated $3,320 to build and sold for as much as $40,000. The reflex is to call that a hardware monopoly. It isn't. The premium is rent on seventeen years of software nobody wants to rewrite.
8 min