Nvidia Posts Record $96.2 Billion Quarter but Stock Swings Wildly Before Settling Up 5% After Hours

Nvidia reported fiscal second-quarter revenue of $96.2 billion, a record that beat Wall Street estimates by roughly 4%, with Data Center revenues more than doubling year over year. The company also issued forward guidance that topped analyst expectations. Despite the blowout results, the stock initially fell about 2% in extended trading as investors fixated on concerns about margin weakness and the sustainability of AI infrastructure spending.

Shares then recovered sharply, reversing to a gain of around 5% after hours, adding more than $250 billion in market capitalization following the earnings call. The mixed initial reaction reflected a now-familiar dynamic around Nvidia results: strong beats are increasingly the baseline expectation, and anything short of a dramatic upside surprise draws skepticism. At least one analyst maintained a sell rating on the stock even after the beat, while others noted Nvidia's valuation remains cheaper relative to peers such as Intel and AMD when measured against its growth rate.