NVIDIA Corp

Blowout quarter + very strong guidance (demand still outstrips supply): NVIDIA reported record revenue, operating income, and EPS with Q2 total revenue of ~$96B, >2x year-over-year and growth accelerating for the 4th straight quarter. Management reiterated AI-driven global infrastructure buildout across hyperscalers, AI labs, enterprises/NeoClouds, and sovereign customers. For FY2028, NVIDIA expects ~70% revenue growth YoY, and explicitly calls the outlook “supply-constrained.”

Data center growth mix + key numbers investors track: - Q2 data center revenue: ~$89B, +18% QoQ. - Hyperscale: ~$49B, +13% sequentially, led by sustained strength in Blackwell and management’s “more compute drives more revenue” framing. Hyperscaler cloud backlog > $2T; top-5 hyperscaler CapEx expected ~$800B in 2026 and ~$1.3T in 2027. - ACIE (NeoCloud/enterprise/sovereign/industrial): ~$40B, +25% sequentially and +138% YoY, driven by NeoCloud capacity additions and partner platforms using NVIDIA DSX reference designs. NeoCloud partners are expected to exit the year with ~8 GW installed (vs ~3 GW end of 2025).

Major platform ramps/partnerships that support the multi-year story: - AWS expansion (strategic surprise/opportunity): AWS deploying +2 million additional GPUs starting this quarter through 2Q FY’29, with AWS running NVIDIA Nemotron models on Bedrock/SageMaker and adopting NVIDIA’s physical AI stack (Omniverse, Cosmos, Isaac, Jetson) for warehouse robots. - Vera Rubin ramp: management says it has commenced production shipments and expects Vera Rubin to be the fastest product ramp in NVIDIA’s history; Vera Rubin expected to contribute ~20% of data center revenue in Q3. - CPU momentum (ACIE + agentic workloads): Grace CPU trailing-12-month revenue >$5B; Vera CPU in full production with an expectation that CPU revenue more than doubles in FY’28 (to position NVIDIA as a leading server CPU supplier). - Groq partnership / inference architecture: at Hot Chips, Groq 3 LPX is in full production; NVIDIA expects volume shipments later this quarter to early adopters (Nebius first).