Nvidia has some more bad news for PC gamers: GPU shortages are here again.
Nvidia warned that supply constraints would be a “headwind” in its fourth-quarter 2026 earnings call, though the company didn’t specifically say whether its GPUs or the associated memory would be tight. It really doesn’t matter.
“Gaming revenue for the fourth quarter was up 47% from a year ago [to $3.727 billion], driven by strong Blackwell demand,” Nvidia chief financial officer Colette Kress told analysts. “Gaming revenue was down 13% sequentially as channel inventory naturally moderated following a season of strong holiday demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.”
Whether or not you care about how Nvidia did financially, the takeaway is pretty clear: Nvidia can sell its GPUs for about whatever it wants right now, and the shortages in the market will drive prices even higher. Nvidia is facing the same pressures as virtually every other component maker: AI is gobbling up and creating shortages in the RAM and storage markets. Now, both Nvidia and Intel have warned of supply constraints, basically subjecting the vast majority of PC components to supply limitations. All that will continue to drive PC prices higher in 2026.
In early 2025, Nvidia warned that its high-end GeForce RTX 5080 and 5090 GPUs could sell out. During its 2026 call, the company did not identify which GPUs would be under pressure. Kress was asked about the shortages in the context of the AI memory demand, however.
If there’s any hope, it might be that the supply issues will be temporary, sort of. “As much as we would love to have more supply, we do believe for a couple of quarters, it is going to be very tight,” Kress replied to an analyst question about shortages. “If things improve by the end of the year, there is an opportunity to think about what that is from a year-over-year growth. But it’s still too early for us to know at this time, and we’ll get back to you as soon as we can.”
Nvidia reported net income of $42.96 billion, up 94 percent from a year ago, on revenue of $68.127 billion, up 73 percent from the same period last year.