Nvidia is set to release fiscal second-quarter earnings after the market close on Wednesday, with Wall Street forecasting revenue of approximately $92 billion, nearly double the $46.7 billion reported a year earlier. Adjusted earnings are also expected to roughly double, reflecting sustained demand for the company’s AI-driven accelerators.
Options markets have priced in a 5.4% share-price reaction following the report, implying a $280 billion swing in market capitalization. That compares with an average move of about 7.4% across Nvidia’s past 12 earnings releases, suggesting investor expectations have already been largely discounted.
Third-quarter guidance will be closely watched. Analysts expect revenue of roughly $104 billion, an increase of more than 80% year-over-year. A forecast above $105 billion would reinforce expectations for continued aggressive growth, while guidance near $103 billion could be viewed as merely adequate given the bar has been raised.
Gross margin guidance remains a key metric. Nvidia has guided to adjusted gross margins of about 75%, and any outlook falling toward 73% or below risks overshadowing an otherwise solid revenue beat. The company’s ability to maintain high margins amid competitive pressure and hyperscaler spending cycles will be a focal point.
Nvidia’s product roadmap includes the Blackwell architecture, which has supported the transition between generations as hyperscalers such as Amazon, Microsoft, Meta and Alphabet ramp up infrastructure investments. Vera Rubin, the next-generation architecture, is expected to begin shipping this autumn, further anchoring long-term growth assumptions.
The stock entered the earnings announcement on a seven-session losing streak, reflecting a pause after a prolonged rally that saw fiscal 2023 revenue of $26.9 billion projected to exceed $200 billion in fiscal 2026, with current projections pointing toward roughly $400 billion in annual revenue.
