Overview

• Nvidia reported fiscal Q2 revenue of $46.7 billion, up 56% year over year, with data center revenue at $41.1 billion.
• The company guided roughly $54 billion for Q3 and explicitly excluded any China contribution after recording no H20 sales into China in Q2.
• China-related revenue fell 24% to $2.8 billion, and Nvidia said a previously disclosed 15% revenue-share framework to resume some China sales has not been finalized.
• Shares fell more than 5% after hours following the report and were lower again on Friday as investors weighed China uncertainty and slower sequential data center momentum.
• Analysts flagged the smallest data center sequential increase since early 2024, even as Nvidia announced a $60 billion buyback and Jensen Huang projected $3 trillion to $4 trillion in AI infrastructure spending by decade-end.