NVIDIA's fiscal Q1 2027 earnings report showed performance that exceeded market expectations, with Non-GAAP earnings per share (EPS) reaching $1.87, surpassing forecasts by 6%. The Q2 revenue guidance stood at $91 billion, significantly exceeding the market consensus of $86.8 billion. However, the post-market stock price still fell by 1.31%, marking NVIDIA's fourth consecutive fiscal quarter where the stock price declined on the day following earnings that surpassed expectations, with an average daily return rate of -1.54%. This phenomenon is viewed as a normal market reaction under 'perfect pricing' rather than a signal of weakening company fundamentals. Data center business revenue reached $75.2 billion, up 92.3% year-over-year. Starting this quarter, the business has been split into two segments: Hyperscale ($38 billion, up 12% quarter-over-quarter) and ACIE ($37 billion, up 31% quarter-over-quarter). ACIE's growth rate is 2.6 times that of Hyperscale, indicating rapid diversification in customer structure. Over the past five quarters, NVIDIA's revenue has grown from $44.1 billion to $81.6 billion. Since the launch of mass production of Blackwell in the fiscal Q3 2026, the company's revenue has entered a stable trajectory of approximately 20% quarter-over-quarter growth. The introduction of the Vera CPU has opened up a new $200 billion market for NVIDIA, with expected revenue of nearly $20 billion this year. The Vera CPU, together with the Vera Rubin GPU, forms the next-generation computing platform, with inference throughput 35 times higher than that of Blackwell—an advantage not yet fully factored into analysts' models. Non-GAAP net profit reached $45.5 billion, up 138.5% year-over-year; free cash flow stood at $48.6 billion, with an FCF margin of 59.5%. The company also announced an increase in its quarterly dividend from $0.01 to $0.25 and approved a new $80 billion stock repurchase authorization. Affected by policies, revenue from the Chinese market was not included in the revenue guidance, seen as a potential upside factor rather than part of the base forecast. The current stock price decline reflects market debates over NVIDIA's valuation. Analysts' target prices mostly fall within the $285-$325 range. Market attention has shifted to the ramp-up speed of Vera Rubin's mass production and the revenue realization of the Vera CPU. The key observation window will be the mass production and ramp-up of Vera Rubin in Q3, as well as whether the Vera CPU can achieve the $20 billion revenue target within the year. This will determine whether the current 50-55x NTM P/E ratio is reasonably priced.