Nvidia on Wednesday reported what it called a historic quarter: revenue of $96.2 billion, up from $78 billion the prior quarter and more than double the $46.7 billion it earned a year ago. Gross margin held at 75%. CEO Jensen Huang said demand for its Blackwell and next-generation Rubin chips continues to outstrip supply as hyperscalers race to build out AI data centres.
The company issued an equally bold forward outlook, forecasting Q3 revenue of approximately $108 billion — above the $100 billion consensus — and projecting 70% revenue growth for fiscal 2028. Huang pushed back on concerns that the AI spending cycle is peaking, arguing that the shift from training to inference workloads is creating a second wave of demand. We are at the beginning of something, not the end, he told analysts.
Nvidia also disclosed that it has begun shipping its Vera Rubin Ultra platform to cloud partners and that sovereign AI projects in the Middle East and Southeast Asia are contributing meaningfully to revenue for the first time.
The results sent Nvidia market capitalisation above $5.1 trillion, cementing its position as the world most valuable company. Shares initially rallied on the report but pulled back in after-hours trading as investors digested the massive capital expenditure plans that accompany the growth forecast.
