$NVDA NVIDIA Q2 Earnings & Q3 Guidance

• Adjusted EPS $2.22
• Revenue $96.2B, est. $92.38B
• Adjusted gross margin 75%
• Data Center revenue $89.0B, est. $85.86B
• Compute & Networking revenue $88.30B, est. $84.69B
• Hyperscale revenue $48.71B, est. $43.55B
• AI Clouds, Industrial & Enterprise revenue $40.31B
• China revenue $7.88B
• Edge Computing revenue $7.20B, est. $6.61B
• Q2 gross margin rose y/y, aided by Blackwell Ultra

Sees Q3 revenue $105.84B to $110.16B, est. $105.15B

• Q3 revenue midpoint $108.0B, equivalent to $108.0B ±2%
• Sees Q3 adjusted gross margin 73.5% to 74.5%
• Sees Q3 adjusted operating expenses about $9.0B, est. $8.97B

Vera Rubin now in full production

• Partnered with suppliers to secure critical components
• Supplier commitments increased to $279B from $119B q/q, primarily due to memory procurement

GPUs at Ports-Pike could represent $150B to $200B in revenue

• Infrastructure at Ports-Pike could represent ~1.5M GPUs
• Ports-Pike guarantee obligations capped at $105B
• Expects to reassign data center leases to third parties
• Signed data center lease agreements with terms of ~15 years

One direct customer represented 16% of total revenue in 2Q

• 44% of 1H total revenue was from three direct customers
• Next quarterly cash dividend $0.25/share, payable Oct. 1

Huang: “AI has reached its inflection point”

Huang: “Now, compute is revenue”