Overview
- The company reported a record fiscal second quarter that delivered $96.2 billion in revenue and guided roughly 70% revenue growth for fiscal 2028, a forecast Nvidia said reflects supply constraints and strong demand.
- Nvidia is selling more than GPUs by offering CPUs, networking and full systems, which management says has pushed its revenue opportunity per gigawatt from about $18 billion for Hopper to $25 billion for Blackwell and roughly $40 billion for the Vera Rubin platform.
- Press attention has shifted to the firm’s financing moves after reports that Nvidia paused part of a recently launched compute‑financing program and disclosed large guarantees tied to customer projects, including reported lease and power guarantees connected to an OpenAI Ohio build.
- Management warned that rising high‑bandwidth memory and packaging costs will compress gross margins, and it explicitly excluded China data‑center compute from its forward outlook because of geopolitical uncertainty.
- The coming quarterly reports from Broadcom and server vendors such as Dell will be market tests of whether hyperscaler orders, supplier price power and Nvidia’s financing model can sustain the pace of the AI data‑center buildout and its concentration of customer risk.