OEM & OtherThin moat

Nvidia (NVDA) — moat facet

An Intel patent cheque, then a crypto-mining chip: the line that records what does not last, now dissolved into the new reporting.

OEM and Other is the line where Nvidia puts what does not belong anywhere else. It brought in $619 million in fiscal 20261, 0.3% of revenue2, and it is the only line that is smaller than it was eleven years ago, when it was $1,329 million3.

OEM and Other revenue, fiscal years ($B)1.33FY150.78FY160.78FY180.51FY201.16FY220.46FY230.31FY240.62FY26NVIDIA Forms 10-K; FY2015 includes Intel licence revenue, FY2022 $550M of mining chips
Two peaks, both temporary: Intel's licence payments in fiscal 2015 and crypto-mining chips in fiscal 2022.

What made it large then was a patent settlement. In January 2011 Nvidia and Intel signed a cross-licence under which Intel agreed to pay Nvidia $1.5 billion over six years; the last $200 million arrived in January 2016, and Nvidia recognised the revenue through the first quarter of fiscal 20184. The fiscal 2016 annual report named the category OEM & IP and warned that if the Intel licensing revenue was not replaced, results could suffer5. It was not replaced here; it was replaced by the data center.

By fiscal 2020 the category had been renamed OEM and Other6. The rest of the line has been a series of residues. It carries GPUs sold to PC makers for entry-level notebooks, where Nvidia's fiscal 2021 filing attributed a 25% rise to higher volumes7. And in fiscal 2022 it carried $550 million of cryptocurrency mining processors, which Nvidia made to keep miners away from its gaming cards; by fiscal 2023 that revenue was nominal and the line fell 61%8.

How it is paid depends on which residue is in it, which is the point: there is no single business model to describe. A licence payment arrives from a rival's treasury, a notebook GPU from a PC maker's purchase order and a mining chip from a speculator's spreadsheet, and the three have nothing in common but the line they were reported on. Fiscal 2024 shows the remainder at its smallest: $306 million, down 33% on the year9. Nvidia does not report its profit. It is best read as a record of what Nvidia chose not to make a line of its own.

The series is a history of those episodes. From $1,329 million in fiscal 201510 it fell to $783 million, $698 million and $777 million11 as the Intel payments ran off, then $767 million and $505 million12. The fiscal 2020 fall of 34% was, in Nvidia's words, primarily due to the absence of cryptocurrency-specific product sales13. Nvidia had already listed cryptocurrency-specific GPUs among its products in fiscal 201814. It then rose to $631 million15 and, with the mining chips, to $1,162 million, up 84%, with $550 million of it mining processors, nearly half the line16, before dropping to $455 million17, $306 million, $389 million and $619 million18. In fiscal 2015 the line was 28% of Nvidia's revenue, larger than the datacenter and workstation businesses combined19. Across eleven years that is a decline of about 7% a year20, and in fiscal 2026 the line grew 59%21, from a very low base.

There is no outlook to speak of, because the line has been dissolved. From fiscal 2027 Nvidia reports Data Center and Edge Computing only22, so whatever OEM and Other contained now sits inside one of them. Its main lesson is about the rest of the company: at least twice in eleven years Nvidia's revenue was lifted by something that did not last, a patent settlement and a mining boom, and both times the line recording it fell back once the source was gone.

The line is also a reminder of what the new reporting hides. Anything Nvidia sells that is neither data-center infrastructure nor an edge device now has nowhere visible to go, so small businesses that once showed up here will show up nowhere. The number that would reopen the question is small: a new category of revenue that Nvidia cannot place in either platform. Until one appears, the line's last reported figure, $619 million23, is also its final one.

Moat trajectory: Narrowing

The line has shrunk from $1,329 million in fiscal 2015 to $619 million in fiscal 2026 as the Intel licence and the crypto-mining chips ran off, and it has now been folded into the two new market platforms. There is nothing left to widen.

The number that tests this moat
Reported
OEM and Other revenue, last reported year
$619M in FY2026, +59%

The residual line, once lifted by Intel's licence payments and later by crypto-mining chips, is folded into Data Center and Edge Computing from fiscal 2027. A new category Nvidia cannot place in either platform is the only thing that would reopen it.

Source: NVIDIA Form 10-K, FY2026 ↗
References
  1. ReportedIt brought in $619 million in fiscal 2026, 0.3% of revenue, and it is the only line that is smaller than it was eleven years ago, when it was $1,329 million.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  2. Moat Explorer calcIt brought in $619 million in fiscal 2026, 0.3% of revenue, and it is the only line that is smaller than it was eleven years ago, when it was $1,329 million.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  3. ReportedIt brought in $619 million in fiscal 2026, 0.3% of revenue, and it is the only line that is smaller than it was eleven years ago, when it was $1,329 million.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  4. ReportedIn January 2011 Nvidia and Intel signed a cross-licence under which Intel agreed to pay Nvidia $1.5 billion over six years; the last $200 million arrived in January 2016, and Nvidia recognised the revenue through the first quarter of fiscal 2018.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  5. ReportedThe fiscal 2016 annual report named the category OEM & IP and warned that if the Intel licensing revenue was not replaced, results could suffer.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  6. ReportedBy fiscal 2020 the category had been renamed OEM and Other.
    NVIDIA Form 10-K, FY2020 - revenue by specialized markets FY2018-FY2020 (Gaming $5,513M / $6,246M / $5,518M; Professional Visualization $934M / $1,130M / $1,212M; Data Center $1,932M / $2,932M / $2,983M; Automotive $558M / $641M / $700M; OEM & Other $777M / $767M / $505M); Gaming down 12% on lower desktop GPU and gaming-platform SoC sales; Data Center up 2%, vertical industry growth partially offset by lower hyperscale sales; OEM and Other down 34% primarily due to the absence of cryptocurrency-specific product sales; Professional Visualization up 7% on desktop and notebook workstations; Automotive up 9% on AI cockpit solutions and development services agreements — FY2018-FY2020 · publ. Filed Feb 2020 · source ↗
  7. ReportedIt carries GPUs sold to PC makers for entry-level notebooks, where Nvidia's fiscal 2021 filing attributed a 25% rise to higher volumes.
    NVIDIA Form 10-K, FY2021 - Professional Visualization down 13% as COVID hit enterprise workstation demand; Automotive down 23% on the ramp-down of legacy infotainment modules and development agreements; OEM and Other up 25% on entry-level laptop GPUs — FY2021 · publ. Filed Feb 2021 · source ↗
  8. ReportedAnd in fiscal 2022 it carried $550 million of cryptocurrency mining processors, which Nvidia made to keep miners away from its gaming cards; by fiscal 2023 that revenue was nominal and the line fell 61%.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  9. Moat Explorer calcFiscal 2024 shows the remainder at its smallest: $306 million, down 33% on the year.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  10. ReportedFrom $1,329 million in fiscal 2015 it fell to $783 million, $698 million and $777 million as the Intel payments ran off, then $767 million and $505 million.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  11. ReportedFrom $1,329 million in fiscal 2015 it fell to $783 million, $698 million and $777 million as the Intel payments ran off, then $767 million and $505 million.
    NVIDIA Form 10-K, FY2018 - products include cryptocurrency-specific GPUs; revenue by specialized markets FY2016-FY2018 (Gaming $2,818M / $4,060M / $5,513M; Professional Visualization $750M / $835M / $934M; Datacenter $339M / $830M / $1,932M; Automotive $320M / $487M / $558M; OEM & IP $783M / $698M / $777M) — FY2016-FY2018 · publ. Filed Feb 2018 · source ↗
  12. ReportedFrom $1,329 million in fiscal 2015 it fell to $783 million, $698 million and $777 million as the Intel payments ran off, then $767 million and $505 million.
    NVIDIA Form 10-K, FY2020 - revenue by specialized markets FY2018-FY2020 (Gaming $5,513M / $6,246M / $5,518M; Professional Visualization $934M / $1,130M / $1,212M; Data Center $1,932M / $2,932M / $2,983M; Automotive $558M / $641M / $700M; OEM & Other $777M / $767M / $505M); Gaming down 12% on lower desktop GPU and gaming-platform SoC sales; Data Center up 2%, vertical industry growth partially offset by lower hyperscale sales; OEM and Other down 34% primarily due to the absence of cryptocurrency-specific product sales; Professional Visualization up 7% on desktop and notebook workstations; Automotive up 9% on AI cockpit solutions and development services agreements — FY2018-FY2020 · publ. Filed Feb 2020 · source ↗
  13. ReportedThe fiscal 2020 fall of 34% was, in Nvidia's words, primarily due to the absence of cryptocurrency-specific product sales.
    NVIDIA Form 10-K, FY2020 - revenue by specialized markets FY2018-FY2020 (Gaming $5,513M / $6,246M / $5,518M; Professional Visualization $934M / $1,130M / $1,212M; Data Center $1,932M / $2,932M / $2,983M; Automotive $558M / $641M / $700M; OEM & Other $777M / $767M / $505M); Gaming down 12% on lower desktop GPU and gaming-platform SoC sales; Data Center up 2%, vertical industry growth partially offset by lower hyperscale sales; OEM and Other down 34% primarily due to the absence of cryptocurrency-specific product sales; Professional Visualization up 7% on desktop and notebook workstations; Automotive up 9% on AI cockpit solutions and development services agreements — FY2018-FY2020 · publ. Filed Feb 2020 · source ↗
  14. ReportedNvidia had already listed cryptocurrency-specific GPUs among its products in fiscal 2018.
    NVIDIA Form 10-K, FY2018 - products include cryptocurrency-specific GPUs; revenue by specialized markets FY2016-FY2018 (Gaming $2,818M / $4,060M / $5,513M; Professional Visualization $750M / $835M / $934M; Datacenter $339M / $830M / $1,932M; Automotive $320M / $487M / $558M; OEM & IP $783M / $698M / $777M) — FY2016-FY2018 · publ. Filed Feb 2018 · source ↗
  15. ReportedIt then rose to $631 million and, with the mining chips, to $1,162 million, up 84%, with $550 million of it mining processors, nearly half the line, before dropping to $455 million, $306 million, $389 million and $619 million.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  16. Moat Explorer calcIt then rose to $631 million and, with the mining chips, to $1,162 million, up 84%, with $550 million of it mining processors, nearly half the line, before dropping to $455 million, $306 million, $389 million and $619 million.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  17. ReportedIt then rose to $631 million and, with the mining chips, to $1,162 million, up 84%, with $550 million of it mining processors, nearly half the line, before dropping to $455 million, $306 million, $389 million and $619 million.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  18. ReportedIt then rose to $631 million and, with the mining chips, to $1,162 million, up 84%, with $550 million of it mining processors, nearly half the line, before dropping to $455 million, $306 million, $389 million and $619 million.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  19. Moat Explorer calcIn fiscal 2015 the line was 28% of Nvidia's revenue, larger than the datacenter and workstation businesses combined.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  20. Moat Explorer calcAcross eleven years that is a decline of about 7% a year, and in fiscal 2026 the line grew 59%, from a very low base.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  21. Moat Explorer calcAcross eleven years that is a decline of about 7% a year, and in fiscal 2026 the line grew 59%, from a very low base.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  22. ReportedFrom fiscal 2027 Nvidia reports Data Center and Edge Computing only, so whatever OEM and Other contained now sits inside one of them.
    NVIDIA Q1 FY2027 CFO commentary - new reporting framework: Data Center (Hyperscale; AI Clouds, Industrial & Enterprise) and Edge Computing (PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive); Data Center $75,246M, up 92%, with compute $60.4B (+77%) and networking $14.8B (+199%); Edge Computing $6,369M, up 29% — Q1 FY2027 · publ. May 2026 · source ↗
  23. ReportedUntil one appears, the line's last reported figure, $619 million, is also its final one.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
Sources
Generated September 18, 2026