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Nvda/Nvidia Says Its Cloud Customers Are Sitting on a $2 Trillion Backlog -- Here's What Nvidia's Cut Is Worth by 2028
Its largest customers are expected to spend $1.3 trillion next year, and the chipmaker's share of that spending has remained about a quarter.
By Daniel Sparks – Sep 3, 2026 at 4:43PM EST
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Nvidia's revenue from hyperscalers was $48.7 billion in the quarter ended July 26, more than double a year earlier.
Management says capital expenditures by the top five hyperscalers are expected to reach nearly $800 billion this year and $1.3 trillion in 2027.
Nvidia's preliminary outlook calls for revenue growth of about 70% in fiscal 2028, and management says supply is what limits that figure.
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Nvidia (
NVDA
+1.80%
) reported its fiscal second-quarter results on Aug. 26, and the figures were extraordinary. Quarterly revenue rose 106% year over year to $96.2 billion, accelerating from the 85% growth recorded in the fiscal first quarter. Data center revenue rose 117% to $89.0 billion.

But the figures that caught my eye came out of the earnings call, from chief financial officer Colette Kress.

"With cloud industry backlog now greater than $2 trillion, [capital expenditures] by the top 5 hyperscalers is expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027," Kress said.

That backlog is the pipeline behind both spending figures: cloud customers turn it into data centers, and a meaningful share of every data center dollar goes to Nvidia. So the way to size Nvidia's cut is to pin down that share.

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A black Nvidia sign outside the company's headquarters.
Image source: Nvidia.

How much of hyperscaler spending goes to Nvidia?

Nvidia divides its data center revenue into two categories. The hyperscaler category takes in the public clouds plus the world's biggest consumer internet companies. The rest (AI clouds, industrial and enterprise customers, which the company abbreviates as ACIE) covers everyone else.

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Revenue from hyperscalers reached $48.7 billion in the fiscal second quarter. That was a 13% rise from the $43.1 billion in the fiscal first quarter, and was more than double the $24.2 billion Nvidia recorded a year earlier (Nvidia recast prior periods after moving a customer to the hyperscaler category).

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Multiply the $48.7 billion from the second quarter by four, and revenue from hyperscalers reaches a run rate of about $195 billion a year. If you compare that figure with the nearly $800 billion in capital expenditures Kress says the top five hyperscalers are expected to make in 2026, Nvidia's share comes out to about 24%.

The comparison is loose, to be sure: Nvidia's fiscal year ends in late January, so its fiscal 2027 aligns only approximately with calendar 2026, and its hyperscaler category includes more customers than those five -- which means the true share of those five companies' spending runs somewhat lower. Even so, the last two quarters come to about $92 billion against half of this year's $800 billion -- about $400 billion, if that spending were distributed evenly throughout the year -- or about 23%.

Nvidia's share of the $1.3 trillion is about $315 billion

If that share holds, 24% of $1.3 trillion equals about $315 billion in revenue from hyperscalers in calendar 2027, most of which falls into Nvidia's fiscal 2028. That single category would be larger than the $215.9 billion Nvidia brought in for all of fiscal 2026.

And hyperscalers represent only about half of Nvidia's data center business. ACIE revenue was $40.3 billion in the second quarter, a 25% quarter-over-quarter increase and a 138% year-over-year increase. Kress said that non-hyperscaler business should continue to represent about half of data center revenue.

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he news: Nvidia said on Wednesday it would expand its capital return program. It hiked its dividend to $0.25 per share from $0.01. It also announced a new $80 billion stock buyback program on top of an existing $39 billion program left over from a prior authorization.

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Nvidia's $80 billion stock buyback and bigger dividend may unleash an Apple-like stock move

Brian Sozzi
Brian Sozzi · Executive Editor
May 21, 2026 2 min read

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Nvidia (NVDA) getting more generous with its cash payouts to shareholders could be great news for the stock, just like it was for another tech titan: Apple (AAPL).

The news: Nvidia said on Wednesday it would expand its capital return program. It hiked its dividend to $0.25 per share from $0.01. It also announced a new $80 billion stock buyback program on top of an existing $39 billion program left over from a prior authorization.