Nvidia's Data Center Dominance, Mid-70s Margins

Taking a Look at Nvidia's (NVDA) Earnings Results.

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This week, we covered quarterly results from one company across our coverage:

Nvidia (NVDA): Scaling the AI Supercycle

Q2 FY26 delivered another step‑function up as AI capex stayed red‑hot: revenue $46.7B (+56% YoY, +6% QoQ) and record free cash flow (> $26B) with a new $60B buyback authorization. Data Center remained the engine at $41.1B (+56% YoY) with Networking up +98% YoY and an early Blackwell ramp driving billions in first‑quarter sales. Gaming hit a record $4.3B (+49% YoY) on RTX 50‑series; Pro Viz reached $601M (+32% YoY); Automotive $586M (+69% YoY). Q3 guide calls for ~$54B revenue and mid‑70s non‑GAAP gross margins. Valuation was revised slightly upward due to stronger near‑term cash flows balanced by China export uncertainty (which will likely be resolved) & higher opex to support the platform build‑out. Key watch‑items: Blackwell supply, enterprise AI software attach, and networking mix.

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