Nvidia: Q2 Fiscal 2026 Financial Highlights (Quarter ended July 27, 2025)
- Revenue: $46.74 billion — up 56% year-over-year, surpassing Wall Street’s expectations (~$46.02 billion)
- Net Income: Up 59% year-over-year
- Gross Margin: ~72.4% (GAAP), ~72.7% (non-GAAP) — exceptionally high compared to historical averages
- Blackwell Data Center Segment: $41.1 billion in revenue, slightly below analyst expectations (~$41.3 billion), causing a modest ~3% after-hours stock dip
- Shareholder Returns: $24.3 billion returned via buybacks and dividends in H1 FY2026; board approved an additional $60 billion in repurchase authorization
Market Capitalization & Stock Performance
- Market Value: ~$4.4 trillion, making Nvidia the world’s most valuable publicly traded company
- Milestone: First company to exceed a $4 trillion valuation (July 2025)
- Stock Momentum:
- Up 1,143% since early 2023
- Gained ~930% since ChatGPT’s late 2022 debut
- YTD 2025: stock is up about 30%
- S&P 500 Influence: Nvidia contributes 8% to the index — more than Microsoft — making it a bellwether for AI-related stocks
Investor Reactions & Market Sentiment
- After-Hours Reaction: Stock fell ~3% despite strong results, due to the slight miss in data center revenue and cautious outlooks
- Peter Thiel’s Skepticism: Warned about potential overvaluation risks, comparing current market conditions to the 1999 tech bubble
- Analyst Concerns:
- Sustainability of AI-driven growth
- Exposure to U.S.-China trade and tech restrictions
- Heavy reliance on hyperscaler customers
- Supply chain vulnerabilities
Bottom Line
Nvidia remains the undisputed leader in AI chips and a central force in global markets. Its growth trajectory is unparalleled, and its stock movements ripple across the entire S&P 500. However, despite record-breaking figures and unmatched valuation, caution looms. Investors and analysts are wary of geopolitical risks, potential overdependence on hyperscalers, and whether the AI boom can sustain current growth levels.
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