According to Chaoxiang Research, Goldman Sachs' rapid commentary on August 26 noted that NVIDIA's Q2 revenue reached $96.2 billion, exceeding Goldman Sachs' forecast by 3.4% and market consensus by 4.2%; data center revenue amounted to $89.0 billion, surpassing Goldman Sachs' estimate by 2.9% and market consensus by 3.6%; EPS came in at $2.22, beating Goldman Sachs' projection by 4.9% and market consensus by 6.1%; gross margin of 75.0% met expectations. For Q3, the midpoint of NVIDIA's revenue guidance is $108 billion, representing a 14% sequential increase and approximately 90% year-over-year growth, above the market consensus of $105.4 billion but slightly below Goldman Sachs' forecast of $110.7 billion. The gross margin guidance of 74.0% is slightly below the expected 74.9%. Goldman Sachs maintains a Buy rating with a $285 price target, implying a 34% upside from current levels, but expects post-earnings stock price consolidation due to the market having already fully priced in optimistic expectations following hyperscalers' increased capital expenditure guidance. The Q3 gross margin guidance is approximately 90 basis points below market expectations, primarily due to higher initial ramp-up costs for the new Blackwell architecture GPUs. Goldman Sachs believes that three topics—upside potential for the $1 trillion cumulative data center revenue target, the $500 billion financing platform structure, and gross margin trends for H2 2026 and 2027—are more noteworthy than the earnings results themselves. The strong guidance validates the resilience of AI spending, benefiting digital semiconductor sectors including Broadcom, AMD, Marvell, ARM, and Intel most significantly.
NVIDIA Q2 Revenue Exceeds Expectations, Q3 Guidance Surpasses Market Consensus
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Summary
NVIDIA's Q2 revenue reached $96.2 billion, surpassing market expectations and its own guidance. Data center revenue hit $89 billion with a 75.0% gross margin. For Q3, the company forecasted a midpoint of $108 billion, representing a 14% increase from Q2 and a 90% year-over-year growth. This exceeds the market outlook of $105.4 billion but falls below Goldman Sachs’ estimate of $110.7 billion. The firm maintains a Buy rating with a $285 price target.
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