Doanh thu quý 2 của NVIDIA vượt quá 96 tỷ USD, nhu cầu về AI không có dấu hiệu chững lại

The Huoxing Finance report states that on August 27, Serenity analyzed NVIDIA’s latest earnings report, noting that the company’s quarterly revenue reached $96.22 billion, exceeding market expectations of approximately $92.17 billion; adjusted earnings per share were $2.22, surpassing the expected range of $2.09 to $2.10; data center revenue amounted to $89 billion, higher than the expected $86.3 billion, with an adjusted gross margin of 75%, in line with expectations. Among these, revenue from hyperscale customers increased from $43.05 billion in the previous quarter to $48.71 billion. Serenity believes that the growth of custom ASICs has not slowed the acceleration of NVIDIA’s related businesses. NVIDIA’s revenue guidance for the next quarter is $108 billion, above the market expectation of approximately $104.2 billion, and this forecast excludes any revenue from data center computing business in China; the adjusted gross margin guidance is 74%, slightly below the market expectation of 75%, representing the relatively weaker aspect of this earnings report. Serenity points out that NVIDIA’s revenue has recently risen from $68.1 billion to $81.6 billion, then to $96.2 billion, and is projected to reach $108 billion next quarter, indicating that AI demand has not shown any significant slowdown. The company’s purchase commitments have also increased from $119 billion in the previous quarter to $279 billion, primarily related to storage chip procurement over the coming years. AI continues to accelerate rapidly, and NVIDIA is clearly leading the field, with no clear signs of demand deceleration. Given that NVIDIA’s market capitalization has surpassed $5 trillion, the greater investment opportunity now may lie in the impact of its architecture and capacity decisions on the supply chain—including CPO, storage chips, and 800V power systems—rather than simply seeking pricing discrepancies in NVIDIA stock itself. NVIDIA expects approximately 70% revenue growth for fiscal year 2028, and this projection still assumes supply constraints. Serenity believes that the significance of this statement may exceed the fact that this quarter’s results surpassed expectations, as the market had previously anticipated a growth rate of only 43.9%; NVIDIA’s guidance represents a clear upward revision. Morgan Stanley’s forecast for related capital expenditures in 2027 in June was approximately $1.2 trillion; thus, NVIDIA’s figure of $1.3 trillion implies further upward revisions to market expectations. Serenity believes that segments of the supply chain with higher elasticity may benefit from sustained growth in AI infrastructure investment.