What time is Nvidia's earnings release?
Nvidia will release its fiscal 2027 second-quarter earnings report after the stock market closes on Wednesday, August 26. The results typically come through around 4:20 pm to 4:30 pm Eastern Standard Time.
The release of Nvidia's earnings report will be followed by a conference call that begins at 5 pm EST.
How will the stock market react to Nvidia's earnings?
Wedbush analyst Matt Bryson expects Nvidia to beat top- and bottom-line estimates for its fiscal 2027 second-quarter results and give upbeat fiscal third-quarter guidance on strong hyperscale spending.
Bryson also feels the results will be bolstered by "a supply position we continue to view as the best in the industry at a point where component and material access, not end demand, is defining shipments."
The question, though, is how Wall Street will react to the results. "The last three quarters, NVDA has consistently exceeded consensus (and we believe delivered to buy-side expectations), yet the stock is roughly unchanged from October of last year," he explains.
Bryson has an Outperform (Buy) rating on the chip stock and a $330 price target, representing implied upside of nearly 60% over the next year or so.
- Karee Venema
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021, and oversees a wide range of investing coverage, including content focused on equities, fixed income, mutual funds, ETFs, macroeconomics and more.
Expert interview: Is Nvidia building a flywheel or a circular economy?
Nvidia has become the most influential barometer for the health of the AI economy. Its GPUs sit at the foundation of the massive buildout of models, data centers and AI infrastructure. But more and more, the bigger question is: what happens above the infrastructure layer? Can companies turn all that compute into applications that generate business value that moves the needle?
That makes the perspective of Anurag Gurtu, co-founder and CEO of Airrived, particularly important. He's building an enterprise agentic AI platform for cybersecurity, IT and business operations that allow AI agents to scale.
I recently spoke with Gurtu about Nvidia's upcoming earnings release. Here's what he had to say:
What are your expectations for Nvidia's performance this quarter, and what specific metrics or guidance do you most want to see?
I expect another strong quarter, but the headline number is almost secondary. The real question is whether underlying AI demand is accelerating faster than expectations. I'll watch data-center growth, Blackwell demand, margins, and, above all, forward guidance.
There is also going to be intense scrutiny around the "circular economy" of AI. Nvidia is investing in AI companies that raise enormous amounts of capital, which is then spent on Nvidia GPUs and infrastructure. It's an extraordinary amount of capital moving between chipmakers, hyperscalers, model companies, data-center operators and AI startups.
The AI economy is beginning to finance itself: capital funds infrastructure, infrastructure enables larger models and startups, and those companies consume even more infrastructure. That can create an incredibly powerful flywheel, but it also raises the obvious question of how much real economic value exists at the end of that chain.
What does this earnings report signal for the AI industry as a whole?
Nvidia earnings have effectively become the GDP report for the AI economy. But this quarter, the quality of that GDP matters as much as its growth.
The next phase of AI has to demonstrate that trillions invested in GPUs, data centers and models can translate into measurable enterprise productivity and revenue. Eventually, AI cannot survive on AI companies selling to other AI companies. Enterprises have to become the economic engine.
That's why the next trillion dollars of value won't come simply from buying more GPUs. It will come from turning compute into agents, applications and measurable business outcomes.
- Tom Taulli
Tom Taulli has been developing software since the 1980s. He sold his applications to a variety of publications. In college, he started his first company, which focused on the development of e-learning systems. He would go on to create other companies as well, including Hypermart.net that was sold to InfoSpace in 1996. Along the way, Tom has written columns for online publications such as Bloomberg, Forbes, Barron's and Kiplinger. He has also written a variety of books, including Artificial Intelligence Basics: A Non-Technical Introduction.
Does Nvidia pay a dividend?
In May, Nvidia hiked its quarterly dividend to 25 cents per share from 1 cent per share. This works out to an annual per-share payout of $1.00.
Based on the chipmaker's current share price, Nvidia's dividend yield is 0.5%. This is well below the S&P 500's current dividend yield of 1.1%.
In fiscal 2026, Nvidia paid roughly $974 billion in dividends. It also bought back $40.1 billion in stock.
Related: The Kiplinger Dividend 15: Our Favorite Dividend-Paying Stocks
- Karee Venema
Why BofA thinks Nvidia is deeply undervalued
BofA Securities analyst Vivek Arya is sticking his neck out for Nvidia. While Wall Street is concerned about the chipmaker's upcoming earnings report, Arya thinks that this is an overreaction.
According to his sum-of-parts analysis of Nvidia's free cash flow, the stock is trading at a 34% to 50% discount.
Arya acknowledges the risks, which include heavy investments in the ecosystem and concerns about the return on investment (ROI) for AI. Yet he thinks Nvidia will continue to generate substantial free cash flow.
The fact is, the company's GPUs remain the gold standard. And if demand for AI infrastructure continues to expand, Nvidia remains in a strong position to capture a large share of that spending.
As for the earnings report, Arya expects quarterly revenue of $94 billion to $95 billion, above the company's $91 billion guidance. He also believes that third-quarter guidance will come in at $107 billion to $108 billion, compared to the $104 billion Wall Street consensus.
- Tom Taulli
Nvidia stock trades higher ahead of earnings
Nvidia stock is trading higher on Tuesday, up 1.4% at last check amid a broader rally in chip names.
Longer term, it's been a fairly tame year for NVDA, which is in the middle of the pack when it comes to year-to-date returns for Dow Jones stocks. Shares are up just 13% since the start of 2026 vs gains of nearly 46% and 32% for top-performing healthcare stocks Merck (MRK) and Johnson & Johnson (JNJ).
Still, Wall Street is overwhelmingly bullish toward Nvidia. Of the 61 analysts covering the chipmaker who are tracked by S&P Global Market Intelligence, 58 say it's a Buy or Strong Buy, while two have it at Hold and one says it's a Strong Sell. This works out to a consensus Strong Buy recommendation.
And the average price target of $305.41 represents implied upside of 44% to current levels.
- Karee Venema
Nvidia's Poolside deal raises the stakes in the AI model wars
Bloomberg reported on Friday that Nvidia has entered a $6 billion agreement to license AI models from Poolside. The chip giant also agreed to invest $1 billion in the startup at a $12 billion valuation.
In 2023, Jason Warner, GitHub's former chief technology officer, and software entrepreneur Eiso Kant co-founded Poolside. The company's focus is to build models for software development.
Nvidia's deal with Poolside is a key part of its focus on supporting open-source models with its Nemotron project. These models allow for more customization and transparency and may also be more cost-effective. This is certainly a top-of-mind issue for customers that have had to deal with soaring AI budgets for token usage.
NVDA’s efforts represent a major competitive threat to OpenAI and Anthropic, which rely primarily on closed models. There would also be competitive pressures for Chinese model builders, including DeepSeek and Kimi K3. Keep in mind that U.S.-based customers are concerned about potential security issues with these systems.
A recent Wall Street Journal story suggests Nvidia's deal with Poolside could mean it will launch an open-source model that will be on par with state-of-the-art frontier models. If so, this would certainly shake the AI world, especially as OpenAI and Anthropic seek to maintain their significant growth rates ahead of their upcoming IPOs.
- Tom Taulli
Hedge funds bought NVDA stock in Q2
Nvidia shares slightly underperformed the broader market in Q2, generating a total return (price change plus dividends) of 14.9% vs the S&P 500's 15.2% gain.
From March 31 through June 30, hedge funds were net buyers of Nvidia stock. According to WhaleWisdom, 86 hedge funds initiated new positions in NVDA and 417 increased their stakes.
This compares to 69 hedge funds that closed their Nvidia stakes and 354 that decreased their exposure to the chipmaker.
The net change in hedge fund ownership amounted to 8.86 million shares.
Read more: Best Blue Chip Stocks: 21 Hedge Fund Top Picks
- Karee Venema
Why Nvidia could bet billions on Perplexity
Nvidia is reportedly considering an investment in Perplexity in a new equity funding round, which would value the AI startup at over $30 billion. If completed, the deal would deepen a relationship that already includes earlier investments by the mega cap and Perplexity's planned use of Nvidia's Vera CPU.
Founded in 2022, Perplexity was one of the pioneers in applying generative AI to conversational search. Its initial focus was providing research services that delivered direct answers with links to original sources. But Perplexity has since expanded into AI agents and agentic browsing. Its annual recurring revenue is currently over $750 million.
For Nvidia, investing in Perplexity will provide clear benefits. For one, it will allow Nvidia to gain insight into how AI search and agents consume compute resources. This will help with the development of future chips and systems. Additionally, a partnership will extend Nvidia's influence beyond hardware and give it a larger role in shaping the software platforms. This could prove helpful in the company's efforts to develop its own open-source models.
Ultimately, the potential deal highlights how the boundaries between AI hardware, software and investment are rapidly disappearing.
- Tom Taulli
Nvidia earnings preview: Ken Mahoney on AI spending, China and the stakes for tech
Nvidia's earnings reports have become bellwether events for the technology sector and the broader AI economy. The company is once again expected to deliver strong results, but with investor expectations already elevated, another routine beat may not be enough. Ken Mahoney, CEO of Mahoney Asset Management, discusses what investors should watch:
What do you expect from Nvidia's upcoming earnings report?
We expect another strong quarter from Nvidia, but at this point simply beating and raising may not be enough given how high expectations have become. That is usually the case most quarters for them, as they are known for beating and raising essentially every time. So, it comes down to the magnitude in which they can exceed expectations.
What will investors focus on most closely?
We believe that investors will focus on forward data center demand, gross margins and whether management sees AI infrastructure spending remaining durable into 2027.
The tech and AI infrastructure ecosystem stocks are not acting too hot lately, and maybe this report will give some color to that. From a technical level, the semiconductor group corrected, rallied back to the 50-day moving average and fell again which is a bearish signal, and Nvidia is one of the few that still holds up better than the rest, and at least is somewhat within range of its highs.
So, this report can help ignite tech again, or send most of the tech ecosystem into an even further decline since this is a bellwether report, as always with Nvidia.
How concerned should investors be about circular financing within the AI industry?
The circular-financing concerns are worth watching, since Nvidia continuously uses its own capital across the AI ecosystem and invests in other companies that then use their products, or have business ties. Investors will rightfully want reassurance that underlying demand remains organic.
Does AI infrastructure spending remain sustainable, and how do you view the risks involving China?
So far, AI infrastructure spending still looks sustainable, and I'll be listening for whether the primary constraints remain power, land, networking and supply rather than weakening customer demand.
As for China, on balance we believe it is both an opportunity and a significant risk, particularly a regulatory risk. However, considering Nvidia is such a big stock market proponent, we think the Trump administration will not step in its way with any export controls.
Overall, this report needs to answer the question that comes up every quarter, and that is whether the AI ecosystem can generate enough economic value and ROI to justify the ever-growing amount of capital and debt being committed to it.
- Tom Taulli
Nvidia stock snaps its losing streak ahead of earnings
Nvidia stock closed up 2.2% on Tuesday, snapping a seven-day losing streak. This came amid a broader rebound in semiconductor stocks, with Marvell Technology (MRVL, +4.8%) among those rallying ahead of its turn on the earnings calendar after Thursday's closing bell.
"Here's the setup nobody's saying out loud," Siebert Chief Investment Officer Mark Malek observes. "Nvidia has beaten every quarter for two straight years, they're about to double revenue year-over-year and the stock is flat since the last earnings call. Flat! That tells you the market has already priced in perfection and moved on to the next question."
As Malek explains, what matters is management's guidance for Nvidia's fiscal third quarter. "Consensus is around $104 billion, but the buyside is whispering higher," the CIO says, "and that gap is where the stock lives or dies."
Malek is looking for CEO Jensen Huang "to hand the market a new story: Rubin ramping ahead of schedule, China coming back, something. Otherwise he delivers the greatest quarter in the history of the semiconductor industry and the stock does nothing again."
Read more: Stocks Rise as Nvidia Ends Losing Streak: Stock Market Today
- David Dittman
David Dittman is the former managing editor and chief investment strategist of Utility Forecaster and the former editorial director of Investing Daily, Charles Street Research, and Weiss Ratings. A former stockbroker, David has been working in financial media for more than 20 years.
NVDA looks set to open lower on Nvidia Day
Nvidia (NVDA) was down about 0.3% in pre-market trading, about 15 minutes before the opening ball on its earnings announcement day.
NVDA closed at $223.47 on May 20, the day the leader of the AI revolution announced fiscal 2027 first-quarter earnings.
Today, as CEO Jensen Huang and CFO Colette Kress prepare to reveal FY27Q2 results and their view of the AI landscape, the stock is poised to open in the $212-to-$213 neighborhood.
So NVDA is down more than 2% since its last report, despite a Wall Street forecast for approximately 97% revenue growth and approximately 99% earnings growth.
What matters is the outlook. As Siebert Chief Investment Officer Mark Malek notes, the market expects Nvidia to forecast FY27Q3 revenue of $104 billion. Management reported FY26Q3 revenue of $57 billion, which represented 62% year-over-year growth.
The baseline for YoY revenue growth today is 82.5%. As Malek explains, "This is the classic problem of being the epicenter of the buildout–when you are the trade, execution stops being a catalyst and becomes a prerequisite."
– David Dittman
Gabelli Funds analyst expects another beat-and-raise quarter from Nvidia
Ahead of another Nvidia (NVDA) earnings report, Wall Street expectations are once again running high.
Gabelli Funds analyst Ryuta Makino believes the company will need to deliver strong results and an upbeat forecast to satisfy investors. "At a minimum, I'm expecting a beat-and-raise quarter," he says.
Makino anticipates a revenue beat of at least $2 billion at the high end and quarter-over-quarter growth exceeding $12 billion. He also expects Nvidia to maintain gross margins in the mid-70% range this fiscal year despite higher DRAM costs.
"I think NVDA has the best relationships with the leading HBM vendors and should be able to get more favorable pricing versus the market," Makino says.
Several developments support his outlook, including strong earnings from neocloud providers such as Nebius (NBIS) and CoreWeave (CRWV), as well as the SB Energy-OpenAI deal.
Makino also highlights a $500 billion third-party private-capital arrangement with Wall Street institutions. Using Nvidia GPUs as collateral could support a new form of compute-backed credit while reducing the chipmaker's direct financial exposure.
During the earnings report, Makino expects CEO Jensen Huang to emphasize continued AI demand and advocate for open-weight models.
"The continued emergence of open-weight models should bode well for Nvidia and Nemotron," he explains. This could reinforce Nvidia's position not only as the leading AI chipmaker but also as a growing force in open AI models.
– Tom Taulli
Nvidia earnings and AI capex budgets
Susquehanna analyst Christopher Rolland sees good things for Nvidia based on second-quarter semiconductor and artificial intelligence (AI) infrastructure tracking data.
Rolland reports that "hyperscaler pricing for leading-edge NVIDIA spot instances (short-term access to compute, pricing moves dynamically depending on supply and demand) was up a strong 7.9% QOQ on average in August."
According to Rolland, "spot pricing here is also extremely elevated" at approximately 46.3% of comparable long-term “reservation” pricing and "significantly above" the approximately 25% of typical reservation pricing.
At the same time, the analyst now expects total industry capex to exceed $1 trillion this year, after raising his hyperscaler capex forecast from approximately $795 billion to approximately $815 billion.
Rolland's revised 2026 forecast pegs year-over-year growth at about 111%, driven by 98% growth among hyperscalers such as Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META).
Neoclouds such as CoreWeave (CRWV), Elon Musk's SpaceX (SPCX) and China are also driving upside. "Longer term," Rolland concludes, "we estimate industry capex can exceed $2T."
– David Dittman
What is Nvidia?
"That's a great question," I answered my younger daughter last night as we started to eat dinner.
She's taking an online course as part of a Master's program, and she wanted to use my office tonight for a live online session. I told her I was doing my own live session about Nvidia earnings.
What is Nvidia (NVDA)?
"Well," I started, "back in the late 20th century it was basically a video game company." That's a gross oversimplification of its roots in sophisticated 3D graphics. "And today it's the leader of the AI revolution."
That's no hyperbole.
Indeed, earlier this month Nvidia rolled out a $500 billion program of "independent compute financing platforms" in partnership with Apollo Global (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) to support "the buildout of AI infrastructure over time."
It's also the biggest company in the world by market cap, the stock having risen more than 1,000% since the public release of ChatGPT on November 30, 2022.
Lately, however, NVDA has stalled. The stock is down about 1.5% today, and it's lower by more than 5% since its FY27Q2 earnings report on May 20. At the same time, so much–such as 97% revenue growth and 99% earnings growth–is priced in already.
"What bodes well for Nvidia," according to Louis Navellier of Navellier & Associates, "is that AI developers are kind of like Captain Kirk on the Star Trek series, demanding more power from Scotty, his engineer. We cannot stop the AI boom since ChatGPT, Claude (Anthropic), and Grok (SpaceX) are all demanding more computing power."
As Navellier sees it, "Nvidia is becoming vertically integrated and taking interests in companies that arrange getting power to data centers from the grid to independent power, which means that Nvidia is expected to dominate for 20+ years, since most data centers have 20-year leases."
Navellier notes that a recent 15% price increase for some of its largest customers should also support Nvidia's guidance.
– David Dittman
OpenAI turns up the heat on Nvidia with Jalapeño
OpenAI's first custom AI chip, Jalapeño, enables the processing of advanced AI models.
So far, it's showing impressive results.
Developed in partnership with Broadcom (AVGO), Jalapeño outperformed Nvidia's (NVDA) GB200 and GB300 systems in benchmark tests involving OpenAI's GPT-OSS 120B model, DeepSeek R1 and Kimi K2.5.
According to OpenAI, the chip delivered 1.5 to 1.9 times more AI work per watt and 1.7 to 3.6 times lower end-to-end latency. For highly interactive workloads, performance improved by up to 4.1 times.
The results are significant because inference is becoming increasingly important for AI infrastructure spending. As AI agents handle longer and more complex tasks, customers need systems that deliver responses quickly without consuming enormous amounts of electricity.
But Jalapeño is not yet an Nvidia killer.
OpenAI expects only limited deployment at the end of 2026, followed by a broader rollout in 2027. By then, Nvidia will be pushing its newer Vera Rubin platform. OpenAI also plans to continue using Nvidia chips extensively.
Regardless, Jalapeño highlights why custom silicon is becoming critical to the AI strategies of megatech companies.
– Tom Taulli
Nvidia guidance is key tonight, says Johnson Investment Counsel's chief economist
Expectations for Nvidia's earnings report are high amid surging demand for AI chips, says Brandon Zureick, chief economist and senior managing director at Johnson Investment Counsel. Buy-side expectations are well above the $91 billion in revenue Nvidia guided for in its fiscal 2027 second quarter, he notes, while gross margin estimates are in line with or better than the company's 75.0% target.
"All that said, the July quarter is mostly a formality in our view, as investors are focused on the October quarter," says Zureick. Wall Street is estimating fiscal third-quarter revenue of $104.8 billion and earnings of $2.38 per share, and the company is "expected to exceed those targets, with upside tied to the timing of initial shipments of the next-generation Rubin platform, which begins shipping during the October quarter."
For the stock to move meaningfully higher after earnings, its results need to "be exceptionally strong," the economist says.
As for the earnings call, Zureick explains that investors want management to reaffirm gross margins in the mid-70% range, even as memory costs increase. "In addition, investors will seek more details on the new financing structures in which Nvidia has become involved, including partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR that are targeting more than $500 billion of third-party capital for artificial intelligence infrastructure."
These have increased concerns about circular financing in the AI ecosystem and caused recent financing transactions in Nvidia credit spreads to trade "more like those of a BBB-rated issuer than an AA-rated issuer, says Zureick.
– Karee Venema
Nvidia stock is off its earnings day low
Nvidia stock was up from its intraday low heading into the final hour of trading before the AI revolutionary's fiscal 2027 second-quarter earnings report. The Nasdaq Composite and the S&P 500 had peaked into positive territory, but the Dow Jones Industrial Average was still down for the day.
Technology analyst Luke Lango calls the Nvidia earnings report "the binary event likely to end 3.5 months of sideways chop across Wall Street one way or the other." Lango expects "a breakout, not a breakdown, powered by strong numbers and bullish forward commentary."
The analyst also expects the VanEck Semiconductor ETF (SMH) to get a post-Nvidia earnings boost. "SMH has a clear seasonal pattern: stagnate through earnings season, then break out once Nvidia reports," Lango writes, citing May 2026, when the ETF rallied more than 20% in a month, as well as late 2025 (30% over three months) and summer 2025 (20% over two months.
"Tonight is Nvidia's chance to grant SMH permission to rally again." That permission grant seems to tacitly apply for the broader market, too.
– David Dittman
Nvidia earnings report is another beat-and-raise story
The fiscal 2027 second-quarter Nvidia earnings report is out, and it's more of the same, as far as beating expectations and raising them at the same time. We'll see whether markets say it's enough.
Management expects fiscal 2027 third-quarter revenue of $108 billion ("plus or minus 2%"), which represents year-over-year growth of more than 89% from $57.01 billion for the third quarter of fiscal 2026
Nvidia reported revenue of $96.2 billion, up 106.0% from $46.7 billion for the second quarter of fiscal 2026, and earnings of $2.22 per share, up 111.4% from $1.05 a year ago.
Gross margin was 75.0% vs 72.7% for FY26Q2. Management expects gross margin of 74.0% for FY27Q3 vs 73.6% vs FY26Q3.
"AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue," CEO Jensen Huang said. "And demand is accelerating."
According to Huang, "The AI infrastructure buildout is at full steam."
Nvidia extended its after-hours trading decline immediately after the release of its earnings report and was down 1.3% about 30 minutes ahead of management's conference call.
– David Dittman
CFO Colette Kress commentary on Nvidia earnings report
Nvidia stock has narrowed its after-market trading loss with less than 10 minutes to go before CEO Jensen Huang takes the mic for the semiconductor stock's quarterly conference call.
Meanwhile, according to CFO Colette Kress's quarterly commentary (PDF), Nvidia saw data center revenue growth of 116.6% year over year and 18.3% quarter over quarter to a company-record $89.02 billion, "driven by the ramp of our Blackwell Ultra infrastructure."
Hyperscale revenue was up 101.5% YoY and 13.1% QoQ to $48.71 billion, also "on the strength of Blackwell Ultra."
ACIE (AI Clouds, Industrial, and Enterprise) grew 138.1% and 25.2%, respectively, to $40.31 billion, "driven by end-demand from AI natives, enterprises, and sovereign customers, as well as hyperscalers utilizing AI clouds."
Edge Computing revenue grew 27.5% annually and 13.0% quarterly to $7.20 billion on strong sales of Blackwell workstations, offset by slower consumer PC sales due to higher memory and systems prices.
We'll see what Kress and Huang say about how those growth rates are holding up.
– David Dittman
Nvidia stock surges as CFO Kress talks
Nvidia stock turned sharply higher shortly after CFO Colette Kress started talking about the company's quarterly results and recent developments.
Kress noted "another outstanding quarter," highlighted by record revenue, operating income and earnings per share.
"Growth accelerated for the fourth consecutive quarter," Kress said, citing a global infrastructure buildout supported by a broad, diverse set of industries and customers.
Notably, Kress offered a revenue growth forecast for fiscal 2028 of 70%, noting that the figure represents a "supply-constrained" estimate.
The CFO said Nvidia's backlog is now more than $2 trillion, forecast hyperscaler capex of more than $800 billion this year and $1.3 trillion in 2027.
Kress also announced an expansion of Nvidia's partnership with Amazon's (AMZN) AWS cloud unit.
NVDA stock is now up almost 5% in after-hours trading.
– David Dittman
Is this the biggest blowout Nvidia earnings report anybody ever saw?
It's still pretty early, and the share price is down some from its after-hours peak, but this Nvidia earnings report is its own kind of impressive.
How long can the company grow this fast? CFO Colette Kress emphasizes Nvidia's "unique, fungible and durable" AI platform and its utility all over world, backing up the vision with deals and dollars.
Execution is the thing, and "circular financing" is an issue. But Kress talks about "skyrocketing" usage of its tech.
And she confronted head-on criticism about Nvidia's recent deal to establish a mechanism for $500 billion in financing through some of the biggest financial institutions in the world to support AI infrastructure build-out.
– David Dittman
"AI has become useful"
"I don't know if you've seen, AI has become useful," CEO Jensen Huang said at the top of the Nvidia earnings conference call, in a typically indirect and yet still fulsome answer to the first question from the analyst community. "AI agents that are being adopted everywhere use a lot of compute."
And that's the underlying theme of this Nvidia earnings report. "About half of our business is growing about 100% a year," Huang explained, "and that's beyond the cloud."
He also said AI infrastructure is creating a lot of jobs in a lot of industries "all over the world."
Nvidia works with memory companies, as well as power generators, the AI revolutionary said, explaining his company's extensive reach up and down the supply chain, as well as its understanding of prevailing margin pressures.
Much of that is because of the AI revolution Nvidia is leading. "Everybody's putting a lot of resources at play," Huan said. "We've got a huge year coming up next year. It's going to be extraordinary."
– David Dittman
Why Nvidia's large growth is accelerating
The cost of each gigawatt of data center compute increased from about $30 billion five years ago to about $60 billion today, Nvidia CEO Jensen Huang explained during the company's conference call.
But that investment will be preserved because of the flexibility of its platform, he said, and that's why Nvidia's growth is accelerating.
"It was already large," Huang said of Nvidia's growth. "But now it's accelerating."
– David Dittman
ACIE is Nvidia's big advantage
"Everybody sees hyperscalers," Huang said. "What you don't see is the tremendous opportunity outside the hyperscalers."
That's Nvidia's ACIE segment–or AI Clouds, Industrial, and Enterprise–and those customers don't buy custom chips.
They need a flexible, one-stop stack to participate in the AI revolution, "and everybody has to build infrastructure."
– David Dittman
Huang is "delighted" people are building on Nvidia infrastructure
"Many of these XPUs are inference-specific chips for one cloud or one service," Huang said in response to a question about competitive solutions, such as OpenAI's Jalapeño.
"Nvidia spans the entire Ai lifecycle. You can run in any cloud, and we can help you can run it anywhere," he added. "We built something very different."
Huang said he's delighted people are building on top of the Nvidia infrastructure. "And I'm confident they're going to be using Nvidia compute."
– David Dittman
Competition is good for Nvidia
Expanding on his comments about competition, Nvidia CEO Jensen Huang expressed further delight.
Indeed, it's part of the opportunity, because "our infrastructure is the most fungible." He continued: "We're the only platform that runs every model, whether it's open or closed. We're delighted by any model succeeding, so long as they succeed. They're both driving our sales."
"Every major company, surely every country, and every startup, has to build their proprietary AI," and it all runs through his company.
– David Dittman
"AI is generating profitable tokens"
The second major point CEO Jensen Huang emphasized during Nvidia's earnings conference, after "AI is useful," is that "AI is generating profitable tokens."
And here's the thing, as far as Huang and Nvidia are concerned: "If we had more compute, we could generate even more profitable tokens."
– David Dittman
Nvidia sees "supply constrained" 70% growth in fiscal 2028
"We have supply for 70% growth," CEO Jensen Huang said of Nvidia's forecast for 70% year-over-year revenue growth for fiscal 2028. "Our demand is much higher than that."
The CEO said Nvidia is working with its suppliers to meet its customers' needs, but he wants to be transparent about the bottlenecks it's facing.
Nvidia stock was up 4.4% in the after-hours trading market when Huang dropped the mic at the conclusion of the company's conference call.
– David Dittman
Nvidia lifts S&P 500, Nasdaq futures after earnings
Nvidia stock is trading more than 6% higher in Thursday's premarket session after the chipmaker's well-received earnings event Wednesday evening.
"Nvidia once again delivered stronger-than-expected results, providing some reassurance that the AI investment cycle remains intact," says Daniela Hathorn, senior market analyst at Capital.com. "The company beat expectations for a 15th consecutive quarter, while guidance pointing to roughly 70% revenue growth in fiscal 2028 and an expanded Amazon partnership helped shares rise around 4% after hours."
Given NVDA's massive market cap, its post-earnings move is boosting futures on the S&P 500 and Nasdaq-100, which were last seen up 0.4% and 1%, respectively. Futures on the price-weighted Dow Jones Industrial Average are slightly lower, however.
- Karee Venema
Nvidia earnings underscore strong AI fundamentals, says Johnson Investment Counsel's chief economist
Nvidia posted a strong beat-and-raise after the close Wednesday, says Brandon Zureick, chief economist and senior managing director at Johnson Investment Counsel. October quarter guidance implies 89% year-over-year revenue growth, while the chipmaker's gross margin outlook of 74.0% is a hair light and now likely includes early memory cost inflation, he adds.
Zureick notes that Nvidia's "guidance does not include any data center compute revenue from China due to government restrictions, so any contribution from that category is pure upside." Additionally, the company announced that its next-generation Vera Rubin platform is in full production, with racks now running at key hyperscalers and neoclouds.
The stock's initial negative reaction to earnings in Wednesday's after-hours session illustrates investors' lofty expectations, explains Zureick. But shares have since swung to a 7% gain in Thursday's session as the print reinforced the strength of current AI fundamentals.
"We'll see from here whether Fed Chair Warsh's speech on Friday proves to be a hawkish test for the overall AI trade. That said, near-term NVDA credit spread widening would be better addressed by management helping investors gain comfort with the company's new financing structures," he says.
- Karee Venema
Nvidia's $12.9 billion Hugging Face deal extends its reach across the AI stack
Nvidia will acquire Hugging Face for $12.9 billion, according to a report from The Information, although neither company has confirmed the transaction.
Founded in 2016 by Clément Delangue, Julien Chaumond and Thomas Wolf, Hugging Face has since become a central hub for the open-source AI community. The platform allows developers and researchers to discover, share, test and deploy models, datasets and applications.
For Nvidia, the acquisition will provide a direct view into which models, architectures and development tools are gaining traction. Those insights could help NVDA optimize its chips, libraries and cloud services for emerging workloads.
The deal will also strengthen Nvidia's push into open-source AI. The company has been developing and supporting open models through initiatives such as Nemotron, while investing heavily in AI labs and model developers.
But there is a major risk: neutrality. Hugging Face has supported competing hardware platforms, including those from Advanced Micro Devices (AMD) and Intel (INTC). Under Nvidia's ownership, maintaining that openness would be critical to preserving the trust that made the platform so valuable.
- Tom Taulli
3 takeaways from Nvidia's earnings, courtesy of The Wealth Alliance CEO
"Nvidia delivered another quarter of exceptional growth that exceeded already elevated expectations," says Robert Conzo, CEO and managing director of The Wealth Alliance. The company also guided for fiscal 2027 third-quarter revenue of $108 billion and projected fiscal 2028 revenue growth of 70%, "while emphasizing that underlying demand is closer to 100% year-over-year growth and remains constrained by supply availability rather than customer demand."
The CEO also notes that Nvidia highlighted massive hyperscaler spending, which will grow from $800 billion in calendar-year 2026 to roughly $1.3 trillion in 2027. This, he says, underscores "the unprecedented scale of the ongoing AI infrastructure buildout."
With this in mind, Conzo calls out three themes he took away from Nvidia's earnings report.
Geographic expansion of AI infrastructure: "One of the clearest takeaways from Nvidia's earnings call was the increasingly global nature of AI infrastructure investment. Management highlighted growing sovereign AI and NEO Cloud deployments across Armenia, Africa, Taiwan, India, Australia, Malaysia, Japan, Europe, South Korea and the United States. This growing international footprint suggests AI investment is broadening beyond U.S. hyperscalers and becoming a strategic priority for governments, enterprises, and regional cloud providers worldwide."
Funding sources are expanding alongside demand: "Another notable takeaway was the breadth of capital supporting AI infrastructure development. Management highlighted that global VC funding in AI exceeded $400 billion in the first half of 2026, with roughly 70% directed toward compute infrastructure. Nvidia has also partnered with major financial institutions including Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, targeting over $500 billion in third-party capital for AI projects. The diversity of funding sources suggests capital availability is unlikely to be a near-term limitation on AI infrastructure growth."
AI infrastructure economics and ROI remain compelling: "Nvidia's comments on returns provide a strong fundamental rationale for continued spending. Management stated that the return on invested capital for AI data centers is now less than one year, even for facilities costing tens of billions of dollars. Nvidia's NEO Cloud revenue-sharing model further enhances the economics by creating a recurring revenue stream in addition to traditional hardware sales, highlighting how AI infrastructure is evolving from a one-time equipment opportunity into a longer-term platform business."
- Karee Venema
Nvidia's financing issues bear watching, says Bill Birmingham of REX Financial
Nvidia's earnings report was a clean beat and its guidance cleared the bar, says Bill Birmingham, managing director at REX Financial, REX Shares’ parent company.
"Demand broadened exactly where it needed to," he adds, with hyperscaler revenue up 13% quarter over quarter and ACIE (AI clouds, industrial and enterprise) up 25%. "That is important because it says the story is not merely four hyperscalers recycling capex into Nvidia; AI-native, enterprise and sovereign demand is still widening."
Nvidia also said its Vera Rubin is already in production, with shipments starting in early August. This means it's not creating the air pocket many had feared. "That is about as clean a handoff from Blackwell Ultra to Rubin as investors could have hoped for," says Birmingham.
The most important takeaway from Nvidia's earnings, according to Birmingham, is that the company's "financing issue was not disproven; it became more explicit. Nvidia disclosed $108.5 billion of maximum guarantee exposure, including the $105 billion SB Energy/OpenAI structure, plus long-dated cloud, lease and AI-cloud commitments."
What's even more important, he notes, is that "management explicitly says some AI clouds and model makers are growing faster than their balance sheets and credit profiles can support." This, Birmingham says, validates concerns about dependence on circularity and external capital.
Additionally, Birmingham points out that the print shows that Nvidia continues to use its balance sheet to support the AI ecosystem.
"To expand on this final point, notice the change in constraint in the 'AI economy' has gone from semiconductor supply to the availability of capital," he explains. "While it is rational for NVDA to guarantee $1 of infrastructure financing now to generate several dollars of future chip sales, the quality of Nvidia’s future revenue has declined. There is an embedded default risk now in the guidance that goes beyond just missed sales. If this future trade works, the returns to NVDA will be tremendous, but if the cycle reverses and the ability to fund the asset outruns the ability to earn on the asset, then the cash losses may be substantial. It will be interesting to see how much of, say, OpenAI's risk NVDA investors want to underwrite in its multiple."
- Karee Venema
Stocks close higher after Nvidia earnings
The equity market got a major lift from Nvidia Thursday, with the stock jumping 8.7% — its biggest one-day percentage gain since April 9, 2025 — after the AI bellwether reported earnings late Wednesday.
At the close, the blue-chip Dow Jones Industrial Average was up 0.2% at 53,569, the S&P 500 was 0.7% higher at 7,730, and the tech-heavy Nasdaq Composite had gained 1.6% to 26,541.
Read more: Nasdaq Jumps 411 Points as Nvidia Stock Soars: Stock Market Today