NVIDIA (NVDA) is set to report Q2 (Jul) results after the close, with a call at 5:00 p.m. ET.
The FactSet consensus calls for adjusted EPS of $1.01 (+49% yr/yr) on revenue of $46.05 bln (+53% yr/yr).
For Q2, NVDA had guided to revenue of $44.1–45.9 bln and non-GAAP gross margin of 71.5–72.5%, with a longer-term goal of reaching the mid-70s. The quarter is somewhat complicated by export controls: NVDA previously forecast an $8 bln hit from lost H20 sales, but has since resumed some shipments to China under a new 15% fee. That likely explains why consensus sits above prior guidance.
Investors will focus squarely on the Data Center segment, which generated $39.1 bln last quarter (+73% yr/yr, +10% q/q). Any hint of slowing demand or “AI digestion” could weigh on the stock, especially after the sector’s strong run.
Another key storyline is the Blackwell GPU ramp, the fastest in NVDA’s history. On Q1’s call, management noted Blackwell already contributed nearly 70% of Data Center compute revenue, with the Hopper transition nearly complete. Updates on adoption and performance will be closely watched.
TECHS:
NVDA has topped EPS and revenue estimates for 10 straight quarters. Despite export related noise, expectations remain bullish heading into this print.
The risk: any sign of weakness in Data Center or pushback on AI valuations could overshadow otherwise strong results.
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