NVIDIA Captures Nearly All Big Tech AI Spending, Except Apple

NVIDIA (NASDAQ:NVDA) continues to reap the rewards of the AI boom, capturing the lion's share of Big Tech's spending on AI infrastructure, with Apple being the notable exception. According to a report from 24/7 Wall St., NVIDIA guided fiscal first quarter 2027 revenue to roughly $78 billion, following full-year fiscal 2026 revenue of $215.94 billion.

Details

The report notes that hyperscalers such as Amazon (AMZN), Microsoft (MSFT), Google (GOOGL), and Meta (META) are spending hundreds of billions on AI infrastructure, with the vast majority of that money flowing to NVIDIA. Apple (AAPL) alone remains on the sidelines, having not announced comparable massive investments in AI infrastructure.

Context

This comes as NVIDIA continues to dominate the AI accelerator market, with limited competition from AMD (AMD) and startups. NVIDIA's fiscal 2026 revenue of $215.94 billion represents a massive leap from previous years, driven by strong demand for its H100 and B100 chips.

What This Means for Investors

For investors, this underscores NVIDIA's position as the primary engine of the AI revolution, with massive cash flows from top tech companies. However, NVIDIA's heavy reliance on a few key customers (Big Tech) poses a risk if spending slows. Meanwhile, Apple's restraint may signal a different strategy of developing AI capabilities in-house.