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NVIDIA CORPORATION · NASDAQ: NVDA
NVIDIA (NVDA) Stock Research
Latest financial results, AI infrastructure trends, institutional ownership, risks and the key questions investors should watch.
- Latest financial period
- Q2 FY2027
- Latest filing
- Aug 26, 2026
- Page updated
- Sep 12, 2026
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Official Q2 FY2027 results
Latest Financial Snapshot
Source: NVIDIA Q2 FY2027 earnings release and Form 10-Q · period ended July 26, 2026.
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Reported-quarter evidence
What Changed in Q2 FY2027
Revenue
- Previous
- $46.7B
- Latest
- $96.2B
- Direction
- +106% YoY
Growth accelerated across AI infrastructure demand.
Data Center
- Previous
- $41.0B
- Latest
- $89.0B
- Direction
- +117% YoY
Blackwell Ultra scaling drove the largest platform contribution.
GAAP diluted EPS
- Previous
- $1.08
- Latest
- $2.46
- Direction
- +128% YoY
Earnings grew faster than revenue in the reported quarter.
GAAP gross margin
- Previous
- 72.4%
- Latest
- 75.0%
- Direction
- +2.6 pts YoY
Blackwell Ultra mix offset some cost pressure.
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BasisPilot
What Matters for NVDA Now
Blackwell / Blackwell Ultra demand
Data Center revenue reached $89.0B, up 117% YoY.
Next checkpoint: Watch future revenue mix, supply availability and hyperscaler demand.Vera Rubin ramp
Production shipments began after quarter-end during Q3 FY2027.
Next checkpoint: Watch production scale, revenue contribution and supply-chain execution.AI infrastructure spending durability
Demand spans hyperscalers, AI-native companies, enterprises and sovereign customers.
Next checkpoint: Track hyperscaler capex, enterprise deployment and utilization.Gross-margin trajectory
Q2 GAAP gross margin was 75.0%; Q3 guidance is 74.0% ± 0.5 pts.
Next checkpoint: Track memory costs, product mix and Rubin supply mix.China / export restrictions
Q3 guidance assumes no Data Center compute revenue from China.
Next checkpoint: Track regulation and geographic revenue exposure.AI cloud agreement commitments
NVIDIA disclosed approximately $36B of commitments under AI cloud agreements as of July 26, 2026.
Next checkpoint: Track partner utilization, funding durability and commitment economics. This is separate from $29B of cloud service agreements.05
BasisPilot read
Demand strength meets execution and capital intensity
NVIDIA's Q2 numbers show demand still expanding faster than the cost base, but the research question has moved beyond whether AI demand exists. The next test is whether Blackwell Ultra supply and the Vera Rubin transition can convert hyperscaler and AI-cloud commitments into durable utilization without sacrificing the margin structure. The 75.0% Q2 gross margin sits above the 74.0% Q3 guide, making memory costs and product mix measurable checkpoints. China remains excluded from Data Center compute guidance. NVIDIA disclosed approximately $36 billion of commitments under AI cloud agreements as of July 26, 2026; this is separate from $29 billion of cloud service agreements and increases exposure to partner funding and utilization. The evidence supports rapid expansion, but the durability of returns depends on execution across supply, customer economics and export controls.
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Actual vs guidance
NVDA Earnings and Guidance
Data Center $89.0B · GAAP EPS $2.46 · GAAP gross margin 75.0%
GAAP gross margin 74.0% ± 0.5 pts. No China Data Center compute revenue is assumed.
Source: NVIDIA Q2 FY2027 earnings release, August 26, 2026.
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Two official views
How NVIDIA Makes Money
Revenue by market platform
Hyperscale and ACIE are the two disclosed components of Data Center revenue; they are not additional revenue on top of Data Center.
Official operating segments
Operating segments show NVIDIA's accounting organization; market platforms show where end-market demand is generated.
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Verified fiscal quarters
Earnings History
| Fiscal quarter | Revenue | YoY | GAAP EPS | Gross margin | Report date |
|---|---|---|---|---|---|
| Q2 FY2027 | $96.2B | 106% | 2.46 | 75% | Aug 26, 2026 |
| Q1 FY2027 | $81.6B | 85% | 2.39 | 74.9% | May 20, 2026 |
| Q4 FY2026 | $68.1B | 73% | 1.76 | 75% | Feb 25, 2026 |
| Q3 FY2026 | $57B | 62% | 1.3 | 73.4% | Nov 19, 2025 |
| Q2 FY2026 | $46.7B | 56% | 1.08 | 72.4% | Aug 27, 2025 |
| Q1 FY2026 | $44.1B | 69% | 0.76 | 60.5% | May 28, 2025 |
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No stale market multiple
What Expectations Matter?
No market price or valuation multiple is shown because a fresh validated market-data snapshot is not available in this build. The valuation debate therefore centers on the durability of triple-digit Data Center growth, the gross-margin path through the Rubin transition, hyperscaler capital spending, cloud-partner economics and export controls. Faster utilization and stable margins would support higher expectations; slower capex, weaker partner economics or margin compression would challenge them.
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SEC 13F
Institutional Ownership
This preview covers BasisPilot tracked 13F managers, not total institutional ownership.
Each manager row retains its own report period; older filings are not relabeled as Q2 2026.
Latest tracked quarter2026-06-30
Tracked-manager count6
Aggregate reported value$4.5B
Notable position: Cathie Wood / ARK Invest
Largest increase: Soros Fund Management
Largest reduction: Dan Loeb / Third Point
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ETF tools
Explore NVDA Through ETFs
NVDA is held by major broad-market and technology ETFs, but weights change with holdings and market prices. The links below are comparison candidates, not live weight claims.
QQQVGTSPYVOOVTI
Compare ETF overlap →12
Official Q2 disclosure
Capital Returns
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Qualitative comparison
Peer Context
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Company-specific checkpoints
Risks & Next Checkpoints
AI infrastructure spending could slow; monitor hyperscaler capital-expenditure guidance and NVIDIA's sequential Data Center growth.
Export controls limit China Data Center compute revenue; monitor licensing rules and disclosed China contribution.
Memory costs and product mix could compress gross margin; compare results with the 74.0% ± 50 bps Q3 guide.
A small number of large customers can influence quarterly demand; monitor customer concentration disclosures and receivables.
Supply remains a bottleneck for new systems; track Vera Rubin availability, inventory and lead times.
Competitive accelerators and custom silicon could affect share; monitor workload performance, cloud adoption and pricing.
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BasisPilot Insights
Latest NVIDIA Research
Sep 15, 2026
AI Slowdown vs. Compute Demand: What the Selloff Really Means for Nvidia, AMD and Micron
Nvidia, AMD and Micron sold off as investors debated slower frontier-AI development. See why inference demand, hyperscaler capex, HBM and data centers matter more than the headline.
Aug 27, 2026Nvidia’s $108 Billion Forecast Resets the AI Spending Debate
Nvidia reported $96.2B in fiscal Q2 2027 revenue, $89B in Data Center revenue and guided to about $108B next quarter. See what Rubin and AI spending mean for NVDA.
Sep 20, 2026U.S.-China Talks Begin Sunday: What Bessent-He and Trump-Xi Could Mean for Nvidia, Chips and Markets
Scott Bessent meets China’s He Lifeng in New York on September 20 ahead of the September 24 Trump-Xi meeting. Here is what investors should watch in AI, chips, rare earths and trade.
Sep 20, 2026Trump Announces a New “AI Force”: What It Could Mean for Nvidia, Big Tech and U.S. AI Rules
President Trump says he will appoint a new AI adviser and create an “AI force,” while reiterating opposition to broad new AI regulation. Here is what is confirmed and what investors should watch next.
Sep 19, 2026Nscale IPO Explained: $103 Billion in Contracts, 1,252% Revenue Growth and a $1 Billion Loss
Nvidia-backed Nscale filed for a U.S. IPO after first-half revenue jumped 1,252%. Here is what the S-1 says about $103 billion in contracted value, customer concentration, debt and AI infrastructure risk.
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FAQ
NVDA Investor Questions
What was NVIDIA's latest quarterly revenue?
NVIDIA reported $96.2 billion of revenue for Q2 FY2027, up 106% year over year and 18% sequentially.
How fast is NVIDIA Data Center revenue growing?
Data Center revenue was $89.0 billion, up 117% year over year and 18% sequentially in Q2 FY2027.
What is NVIDIA guiding for next quarter?
NVIDIA guides Q3 FY2027 revenue to $108.0 billion, plus or minus 2%, and GAAP gross margin to 74.0%, plus or minus 50 basis points.
What are the main risks for NVDA?
Key checkpoints include AI infrastructure spending, export controls, gross-margin pressure, customer concentration, supply constraints and competing accelerators.
Which institutional investors does BasisPilot track in NVDA?
The linked BasisPilot 13F page lists the managers in the site's current filing coverage and their latest reported positions.
Which ETFs provide NVDA exposure?
Large broad-market and technology ETFs commonly include NVDA. Use current fund holdings and dates before comparing QQQ, VGT, SPY, VOO and VTI exposure.
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Separate freshness dimensions
Sources & Methodology
Financial periodQ2 FY2027Financial data as of2026-07-26Filing date2026-08-26Ownership data as of2026-06-30ETF holdings as ofNo verified weights shownResearch reviewed2026-09-12