Nvidia Q2 revenue seen at $91.9B on 97% AI demand growth

Nvidia is expected to report Q2 fiscal 2027 revenue of $91.9 billion, up 97% year over year, per Wall Street consensus.

"Demand for our AI infrastructure remains extraordinary," Chief Executive Jensen Huang said at GTC 2026 in March, where he raised Nvidia's three-year AI infrastructure revenue outlook to $1 trillion from $500 billion.

The consensus estimate, compiled by Investing.com and FinBold, compares with record first-quarter revenue of $81.6 billion, up 85% year over year and above the $78.86 billion forecast. Data center revenue reached $75.2 billion in Q1, up 92%, representing nearly all of Nvidia's sales. Adjusted earnings per share are expected near $2.07 to $2.08, according to multiple sources.

The report lands as Nvidia's shares have fallen after four of the last five earnings releases, with the stock up about 17.7% year to date near $119. Alphabet, Amazon, Meta and Microsoft project combined 2026 AI spending of $610 billion, with a large share flowing to Nvidia's data center products.

Nvidia guided to Q2 revenue of $91 billion, plus or minus 2%, in its May outlook, a figure that already excludes shipments to China because of export restrictions. The company has beaten earnings-per-share consensus in 10 of the last 11 quarters and carries a four-quarter revenue beat streak into the report, with Polymarket traders pricing a 95% probability of another beat.

The Blackwell architecture, Nvidia's successor to Hopper, is sold out through mid-2026, with systems fully allocated to hyperscalers including Microsoft, Meta, Amazon and Google. Management has flagged $10 billion in revenue from Vera chips by the end of the fiscal year, a figure Huang said was not included in the earlier $1 trillion Blackwell and Rubin outlook.

Analysts remain broadly bullish, with about 95% maintaining buy or strong-buy ratings and price targets clustering between $175 and $225, an average near $205 that implies upside of roughly 25% to 45% from current levels. Nvidia trades at a trailing price-to-earnings multiple of about 44.9 and a forward multiple near 19.4, according to analyst estimates.

Competition is intensifying. Advanced Micro Devices holds 5% to 7% of data center AI revenue with its MI300 series and upcoming MI350X, while Nvidia commands an estimated 80% to 87% share. Hyperscaler custom silicon, including Google's TPU and Amazon's Trainium, adds a longer-term threat, though Nvidia's CUDA software ecosystem keeps switching costs high.

The earnings call on Aug. 26 will test whether growth can hold near triple-digit rates as comparisons stiffen and hyperscaler capital expenditure normalizes. A fifth straight post-earnings decline would weigh on the broader AI complex, while a beat and raised guidance could push the stock toward the higher end of analyst targets.

This article is for informational purposes only and does not constitute investment advice.