Thanks, Toshiya. We delivered another outstanding quarter with record revenue, operating income and free cash flow. Total revenue of $68 billion was up 73% year-over-year, accelerating from Q3. Growth on a sequential basis was also a record as we added $11 billion in data center revenue across a diverse and expanding set of customers, including cloud providers, hyperscalers, AI model makers, enterprises and sovereign nations. Demand for our Blackwell architecture, extreme co-design at data center scale continues to strengthen as inference deployments grow in addition to training. The transition to accelerated computing and the infusion of AI across existing hyperscale workloads continue to fuel our growth. Agentic and physical AI applications built on increasingly smarter and multimodal models are beginning to drive our financial performance.
On a full year basis, data center generated revenue of $194 billion, up 68% year-over-year. We have now scaled our data center business by nearly 13x since the emergence of ChatGPT in fiscal 2023. We look ahead, we expect sequential revenue growth throughout calendar 2026, exceeding what was included in the $500 billion Blackwell and Rubin revenue opportunity we shared last year. We believe we have inventory and supply commitments in place to address future demand, including shipments extending into calendar 2027. Every data center is power-constrained.
Customers make critical architectural decisions based on performance per watt given these constraints and the need to maximize AI factory revenue. SemiAnalysis declared NVIDIA, Inference King, as recent results from InferenceX reinforced our inference leadership with GB300 NVL72, achieving up to 50x performance per watt and 35x lower cost per token compared with [ Hopper ], and continuous optimization of CUDA software helped deliver up to 5x better performance on GB200 NVL72 just within 4 months. NVIDIA produces the lowest cost per token and data centers running on NVIDIA generate the highest revenues. Our pace of innovation, particularly at our scale is unmatched, fueled by an annual R&D budget approaching $20 billion and our ability to extreme co-design across compute and networking across chips, systems, algorithms and softwares, we intend to deliver X factor leaps and performance per watt average generation and extend our leadership position over the long term. Q4 data center revenue of $62 billion increased 75% year-over-year and 22% sequentially, driven primarily by sustained strength in Blackwell and the Blackwell Ultra ramp.
With NVIDIA infrastructure in high demand, even Hopper and much of the 6-year-old Ampere based products are sold out in the cloud. Nearly a year has passed since the release of our Grace Blackwell NVL72 systems. Today, nearly 9 gigawatts of infrastructure on Blackwell are deployed and consumed by the major cloud service providers, hyperscalers, AI model makers and enterprises.
Networking, a cornerstone of our data center scale infrastructure offering, was a standout this quarter, generating $11 billion in revenue, up more than 3.5x year-over-year. Demand for our scale-up and scale-out technologies reached record levels, both growing double digits sequentially, driven by strong adoption of NVLink, Spectrum-X Ethernet and InfiniBand. On a year-over-year basis, growth was driven primarily by NVLink 72 scale-up switches as Grace Blackwell systems accounted for roughly 2/3 of data center revenue in the quarter. NVLink scale-up fabric has revolutionized computing and demonstrates the power of extreme co-design across all of the chips of the supercomputer and the full stack. In Q4, we announced that we will enable AWS with NVLink to integrate with their custom silicon. Momentum is strong with our Spectrum-X Ethernet scale up and scale across networking as customers work to unify distributed data centers into integrated gigascale AI factories. For the full year, our networking business exceeded $31 billion in revenue, up more than 10x compared to fiscal 2021, the year we acquired Mellanox. Our demand profile is broad, diverse and expanding beyond just chatbots. First, there is a fundamental platform shift from classical machine learning to generative AI. Strong evidence of ROI as hyperscalers upgrade massive traditional workloads to generative AI, including search, ad generation and content recommender systems is encouraging our largest customers to accelerate their capital spending. For example, at Meta, advancements in their GEM model drove a 3.5% increase in ad clicks on Facebook and more than 1% gain in conversations on Instagram, translating into meaningful revenue growth. With the same NVIDIA infrastructure, Meta Superintelligence Labs can train and deploy their frontier agentic AI systems. Frontier agentic systems have reached an inflection point. Claude Code, Claude Cowork and OpenAI codecs have achieved useful intelligence. Adoption is skyrocketing and tokens are profitable, driving extreme urgency to scale up compute. Compute directly translates to intelligence and revenue growth.
Analyst expectations for 2026 CapEx across the top 5 cloud providers and hyperscalers who collectively account for a little over 50% of our data center revenue are up nearly $120 billion since the start of the year and approaching $700 billion. We continue to expect the transition of classic data center workloads to GPU accelerated computing and the use of AI to enhance today's hyperscale workloads and contribute toward roughly half of our long-term opportunity. Every country will build and operate some parts of its AI infrastructure, just like with electricity and Internet today. In fiscal year 2026, our sovereign AI business more than tripled year-over-year and over $30 billion, driven primarily by customers based in Canada, France, the Netherlands, Singapore and the U.K. Over the long run, we expect our sovereign opportunity to grow at least in line with the AI infrastructure market as countries spend on AI proportional to their GDP. While small amounts of H200 products for China-based customers were approved by the U.S. government, we have yet to generate any revenue. And we do not know whether any imports will be allowed into China. Our competitors in China bolstered by recent IPOs are making progress and have the potential to disrupt the structure of the global AI industry over the long term. To sustain its leadership position in AI compute, America must engage every developer and be the platform for choice for every commercial business, including those in China. We will continue to engage with the U.S. and China government and advocate for America's ability to compete around the world.
We unveiled the Rubin platform last month at CES comprised of 6 new chips, the Vera CPU, Rubin GPU, NVLink 6 Switch, ConnectX-9 SuperNIC, BlueField-4 DPUs and Spectrum-6 Ethernet switch. The platform will train MOE models with 1/4 number of GPUs reduce inference token costs by up to 10x compared to Blackwell. We shipped our first Vera Rubin samples to customers earlier this week, and we remain on track to commence production shipments in the second half of the year. Based on its modular cable-free tray design, Rubin will deliver improved resiliency and serviceability relative to Blackwell. We expect every cloud model builder to deploy Vera Rubin.
Moving to gaming. Gaming revenue of $3.7 billion increased 47% year-on-year, driven by strong Blackwell demand and improved supply.
GeForce RTX is the leading platform for PC gamers, creators and developers. In Q4, we added several new technologies and advancements, including DLSS 4.5, which uses AI to bring game visuals to a new level. G-SYNC Pulsar, bringing incredible clear graphics even in motion, and 35% faster LLM inference across leading AIPC frameworks. Looking ahead, while end demand for our products remain strong and channel inventory levels are healthy, we expect supply constraints to be the headwind to Gaming in Q1 and beyond.
For Professional Visualization, it crossed the $1 billion mark for the first time, with revenue of $1.3 billion, up 159% year-over-year and 74% sequentially. During the quarter, we launched the RTX PRO 5000 Blackwell workstation with 72 gigabites of fast memory for AI developers running LMs and agentic workflows. Automotive revenue of $604 million was up 6% year-over-year and was driven by robust demand for self-driving solutions. At CES, we introduced Alpamayo, the world's first open portfolio of reasoning vision-language-action models, simulation blueprints and data sets, enabling vehicles that can think. The first passenger car featuring Alpamyo built on NVIDIA DRIVE, will be on the road soon in the new Mercedes-Benz CLA. Physical AI is here having already contributed north of $6 billion in NVIDIA revenue in fiscal year 2026. Robotaxi rides are growing exponentially with commercial fleets from Waymo, Tesla, Uber, WeRide and Zoox, and many others are expected to scale from thousands of vehicles in 2025 to millions over the next decade, creating a market poised to generate hundreds of billions of dollars of revenue. This expansion will demand orders of a magnitude more compute with every major OEM and service provider developing on NVIDIA's platform. We continue to advance robotics development. With the new NVIDIA Cosmos and Isaac Group, open models, frameworks and NVIDIA's powered robots and autonomous machines for leading companies, including Boston Dynamics Caterpillar, FranKaufman Hall Robotics, LG Electronics and NEURA Robotics. To accelerate industrial physical AI adoption, we also announced new expanding partnerships with Dassault Systemes, Siemens and Synopsys to bring NVIDIA AI infrastructure Omniverse digital twins, World Models and CUDA-X libraries to millions of researchers, designers and engineers building the world's industries. Let's move to the rest of the P&L. GAAP gross margin was 75% and non-GAAP gross margin was 75.2%, increasing sequentially as Blackwell continue to ramp. GAAP operating expenses were up 16% sequentially and up 21% on a non-GAAP basis related to new product introductions and compute and infrastructure costs. Non-GAAP effective tax rate for the fourth quarter was 15.4%, below our outlook for the quarter, primarily due to the impact of a onetime tax benefit. Inventory grew 8% quarter-over-quarter, while purchase commitments also increased significantly, and we have strategically secured inventory and capacity to meet demand beyond the next several quarters. This is further out in time than usual and reflects the longer demand visibility we have. While we expect tightness in the supply for our advanced architectures to persist, we remain confident in our ability to capitalize on the growth opportunity ahead with our scale, expansive supply chain and the long-standing partnerships continuing to serve us well. We generated free cash flow of $35 billion in Q4 and $97 billion in fiscal year 2026. For the year, we returned $41 billion or 43% of free cash flow to our shareholders in the form of share repurchases and dividends. We continue to invest in technology and our ecosystem to cultivate market development, drive long-term growth and ultimately yield total shareholder returns superior to the market or our peer group. Importantly, we will continue to run a strategic and disciplined process as it relates to our investments and we remain committed to returning capital to our shareholders.
Let me turn to the outlook for the first quarter. Starting this quarter, we will be including stock-based compensation expense in our non-GAAP results. Stock-based compensation is a foundational component of our compensation program to attract and retain world-class talent.
Let me first start with revenue. So revenue is expected to be $78 billion, plus or minus 2%. We expect most of our growth to be driven by data center. Consistent with last quarter, we are not assuming any data center compute revenue from China in our outlook.
GAAP and non-GAAP gross margins are expected to be 74.9% and 75%, respectively, plus or minus 50 basis points. For the full year, we continue to see gross margins in the mid-70s. We will keep you updated on our progress as we prepare for the Vera Rubin transition. GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, including stock-based compensation expense of $1.9 billion. For the full year, we expect non-GAAP operating expenses to grow in the low 40s on a year-over-year basis as we continue to invest in our expanding opportunity set. For the full year fiscal year '27, we expect GAAP and non-GAAP tax rates to be in between 7% and 19%, excluding any discrete items and material changes to our tax environment. With that, let me turn the call over to Jensen. I think he has a few words for us.