Overview

• Nvidia posted fiscal Q2 revenue of $46.74 billion and guided Q3 to about $54 billion, explicitly excluding China, as CEO Jensen Huang touted a $3 trillion to $4 trillion AI infrastructure opportunity by decade’s end.
• Dell beat estimates and raised its full-year outlook, lifting AI server shipment guidance to $20 billion for FY26, yet its adjusted gross margin fell to 18.7% and a softer Q3 EPS forecast sent shares lower.
• Marvell projected Q3 revenue below expectations and said data center sales will be flat sequentially due to "lumpiness" in custom AI chips, triggering a double-digit share decline.
• Reporting indicates Nvidia secured H20 export licenses to China tied to a 15% fee on China sales and that Huang would consider a similar arrangement for Blackwell chips if permitted.
• China-related uncertainty broadened as coverage highlighted efforts to reduce reliance on Nvidia, including reports that Alibaba is developing a domestic inference chip and signals that major Chinese firms may avoid H20 purchases.