Nvidia Posts the Biggest Quarter in Semiconductor History: $96.2B Revenue, $108B Guidance

Nvidia reported Q2 FY2027 earnings on August 26, posting the largest revenue quarter in semiconductor history.

Revenue: $96.2 billion, up 106% year-over-year, beating the $92B consensus estimate. Data Center revenue hit $89 billion — 92 cents of every dollar Nvidia earns now comes from AI infrastructure.

Q3 guidance: $108 billion, plus or minus 2%, excluding any China data center revenue. Every dollar earned in China is pure upside from here.

Supplier commitments: The single most striking number in the report. Commitments jumped from $119 billion to $279 billion in one quarter — a $160B increase driven almost entirely by memory procurement from Samsung, SK Hynix and Micron. This is the number that explains why AI server prices are rising 15%+ in 2027.

Vera Rubin is now in full production. AWS will deploy 2 million additional Nvidia GPUs across its global infrastructure in 2027-2028. Three customers made up 44% of first-half revenue — concentration risk that also means three companies are making enormous multi-year bets on a single supplier.

Jensen Huang on the call: 'AI has reached its inflection point.'

Context: The pre-earnings brief noted that the Q2 print was priced in — the Q3 Vera Rubin guide was what mattered. Q3 guidance of $108B (vs $91B in Q2) is a 19% sequential step-up and confirms the Vera Rubin ramp is real. The stock dropped 4% after-hours — the fifth post-earnings drop in six quarters for a company growing at 106%.

Source: https://investor.nvidia.com/financial-info/quarterly-results/default.aspx