Nvidia Blowout Earnings Spark Broad Chip Stock Rally as Q2 Revenue Hits $96.2 Billion

Nvidia reported second-quarter revenue of $96.2 billion on Wednesday, beating analyst estimates of roughly $92.3 billion and representing 106% growth from a year earlier. Adjusted earnings per share came in at $2.22, topping the $2.09 consensus and up 120% year-over-year. CEO Jensen Huang declared that artificial intelligence had reached an inflection point, and Nvidia guided third-quarter revenue to $108 billion, again above Wall Street forecasts.

The results ignited a broad rally across the semiconductor and AI-related sectors on Thursday, with Nvidia itself rising 7.4%, Marvell Technology up 5.8%, and Micron adding 4.5%. The VanEck Semiconductor ETF jumped 3.5%. The wave extended beyond chipmakers, lifting shares of Arm, Broadcom, Taiwan Semiconductor, AMD, Intel, Synopsys, and Zscaler, as well as AI-adjacent names such as ServiceNow and JFrog.

Western Digital was a notable exception, sliding while peers rallied.