Nvidia shares rebounded in after-hours trading Wednesday after the chipmaker released its fiscal second-quarter earnings. The stock finished the regular session down 1.59% at $209.66 before recovering to about $217 after hours, roughly 3.5% above the closing price.
Revenue more than doubled to $96.2 billion
Nvidia reported quarterly revenue of $96.2 billion, more than double the year-earlier level and above the $92.27 billion average analyst estimate reported by the Associated Press.
Data Center revenue rose 117% to $89 billion. Adjusted earnings reached $2.22 per share, ahead of the $2.09 estimate, while gross margin held at 75%.
Founder and CEO Jensen Huang tied the quarter’s growth to rising demand for artificial intelligence infrastructure. In a statement, he said, 「AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue, and demand is accelerating.」
Huang added, 「This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online—with strong momentum across the U.S. and around the world.」
Infrastructure commitments rose to $366 billion
Chief Financial Officer Colette Kress said Nvidia has made $366 billion in multiyear AI infrastructure commitments, including $279 billion for supply and capacity. The company also disclosed phased guarantees of up to $108.5 billion, which it said represent potential exposure rather than current losses or payments.
Kress said in a statement, 「We’ve partnered with our extensive network of suppliers to secure the critical components needed to meet demand for the next several years. Our commitments increased from $119 billion last quarter to $279 billion, primarily related to the procurement of memory.」
Nvidia also reported $3.5 billion in maximum gross exposure under those agreements.
In August, Nvidia agreed to support development of SB Energy’s PORTS-Pike Technology Campus in Ohio. The site is expected to host Nvidia infrastructure under long-term leases to OpenAI.
Referring to the project, Kress wrote, 「Each generation of NVIDIA infrastructure deployed at PORTS-Pike could represent approximately 1.5 million NVIDIA GPUs, or approximately $150 billion to $200 billion in NVIDIA revenue. Over 20 years, we expect the site can support multiple infrastructure upgrade cycles.」
Including both sets of arrangements, maximum gross guarantee exposure stands at $108.5 billion. Nvidia said again that the figure reflects potential exposure, not a current loss or payment.
Nvidia guides for $108 billion in Q3 revenue
Nvidia said it expects third-quarter revenue of $108 billion, plus or minus 2%. It forecast gross margin of 74%, plus or minus 0.5 percentage point, compared with 75% in the second quarter.
The company also said shipments of Hopper data-center products to China accounted for less than 1% of Data Center revenue during the quarter.
Even with the initial drop in the stock, Huang said Nvidia is preparing its next-generation computing platform to meet demand. 「The AI infrastructure buildout is at full steam,」 he said. 「Vera Rubin, now in full production, was built to power exactly this moment.」