NVIDIA Q2 Revenue Reaches 96.2 Billion, Up More Than 100% Year Over Year
Guidance Is Even More Aggressive
For FY2028, growth of 70%—before Wall Street would only dare to project 45%
The stock surged 8.74% on the day; single-day market cap added $442 billion
My take: The most important part of this earnings report isn’t the numbers themselves—it answers a question that’s been hanging for two months: Has AI compute demand already peaked?
The answer is no.
And it’s accelerating.
The market was briefly led astray by DeepSeek—after reasoning efficiency improves, training demand would supposedly collapse.
But the 70% guidance tells you one thing: Big tech is still feverishly stockpiling GPUs, and order visibility is far higher than what Wall Street models assumed. Efficiency gains haven’t reduced demand; instead, they make more scenarios cost-effective. Demand is being unlocked—not replaced.
My own positioning logic hasn’t changed:
NVIDIA isn’t cheap, but it’s the toll gate across the entire AI infrastructure pipeline.
As long as downstream players keep expanding capacity, it keeps collecting tolls.
The thing that has truly made me hesitate has never been valuation—it’s only been the day when the customer starts cutting capex.
This earnings report tells me that day hasn’t arrived yet.
Take one step further: If NVIDIA says 70%, should upstream HBM, CoWoS packaging, and power infrastructure growth expectations also be revised upward? Those have not yet been priced in sufficiently.
The above is for personal information breakdown only and does not constitute any investment advice. DYOR $NVDA
Guidance Is Even More Aggressive
For FY2028, growth of 70%—before Wall Street would only dare to project 45%
The stock surged 8.74% on the day; single-day market cap added $442 billion
My take: The most important part of this earnings report isn’t the numbers themselves—it answers a question that’s been hanging for two months: Has AI compute demand already peaked?
The answer is no.
And it’s accelerating.
The market was briefly led astray by DeepSeek—after reasoning efficiency improves, training demand would supposedly collapse.
But the 70% guidance tells you one thing: Big tech is still feverishly stockpiling GPUs, and order visibility is far higher than what Wall Street models assumed. Efficiency gains haven’t reduced demand; instead, they make more scenarios cost-effective. Demand is being unlocked—not replaced.
My own positioning logic hasn’t changed:
NVIDIA isn’t cheap, but it’s the toll gate across the entire AI infrastructure pipeline.
As long as downstream players keep expanding capacity, it keeps collecting tolls.
The thing that has truly made me hesitate has never been valuation—it’s only been the day when the customer starts cutting capex.
This earnings report tells me that day hasn’t arrived yet.
Take one step further: If NVIDIA says 70%, should upstream HBM, CoWoS packaging, and power infrastructure growth expectations also be revised upward? Those have not yet been priced in sufficiently.
The above is for personal information breakdown only and does not constitute any investment advice. DYOR $NVDA