Overview

• Nvidia posted second‑quarter revenue of $46.74 billion, topping estimates, as shares wobbled afterward on questions about the durability of AI spending.
• The company guided third‑quarter revenue to about $54 billion (±2%) and is ramping Blackwell Ultra, which generated more than $10 billion in quarterly sales, with guidance excluding any H20 sales to China given export‑license uncertainty.
• Huang forecast that reasoning, agentic models will drive 100x to 1000x more compute demand, with hyperscalers doubling capex and Nvidia targeting a sizable share via its full‑stack platform.
• Beyond GPUs, Nvidia is pushing new demand engines in robotics and autonomy with Drive AV, Jetson/Thor, the Halos safety program, and Cosmos simulation models.
• Market jitters persisted after an MIT NANDA study found roughly 95% of AI pilots fail to scale, contributing to a brief $1 trillion tech selloff and intensifying AI‑bubble debate following troubled product rollouts.