Nvidia Beats Estimates with $96.2 Billion Quarter and $108 Billion Guidance, Sending Chip Stocks Surging

Nvidia reported fiscal second-quarter revenue of $96.2 billion for the May-July 2026 period, topping Wall Street's consensus estimate of roughly $92 billion and confirming that AI infrastructure spending remains on an aggressive upswing. Net income came in at $59.69 billion, or $2.46 per share on a GAAP basis, more than doubling the $26.42 billion, or $1.08 per share, posted in the same quarter a year earlier. Adjusted earnings per share of $2.22 also cleared analyst forecasts.

For the current August-October quarter, Nvidia guided to $108 billion in revenue, plus or minus 2 percent, well above the $104.2 billion analysts had expected, and CEO Jensen Huang separately projected roughly 70 percent revenue growth for fiscal 2028, far above Street estimates. Notably, the guidance explicitly excludes any data center sales from China. Nvidia shares jumped approximately 8.7 percent on the session, dragging the broader chip sector higher and lifting the S&P 500 and Nasdaq Composite to higher closes Thursday.

Market breadth was narrow, with the rally concentrated in technology, while investors also positioned ahead of a closely watched speech by Federal Reserve Governor Kevin Warsh at the Jackson Hole economic symposium.