NVDA.US: Q2 FY2027 update — Blackwell ramp & Q3 $98.5B guide

Snapshot

Price

USD 218

Mkt cap

USD 5350.0B

Revenue

USD 368.4B

Data Center (Q ~)

USD 85.6B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

NVIDIA Q2 FY2027 revenue $92.1B (+13% QoQ), Data Center $85.6B, ~74.8% GM, GAAP EPS $2.98, ~$52B FCF. Blackwell ramp continues; Q3 guide $98.5B ±2%. Hold / premium — elite fundamentals but forward multiple still rich.

Business

Model: full-stack AI infra (GPU, networking, software). Flagships: Blackwell/Hopper DC GPU; NVLink/InfiniBand; CUDA. Edge: CUDA lock-in + systems delivery. Strategy: Blackwell→Rubin; China DC not in guide.

Value chain

Mid-stack AI compute. Upstream: TSMC/CoWoS, HBM; downstream: hyperscaler CapEx. Risks: CoWoS/HBM; China export controls.

Valuation

Price ~$218 (Aug 2026). Forward multiple above semi history; $80B+ buyback is a buffer. Q3 guide $98.5B ±2% is the near-term anchor.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
P/E（TTM 约）	约 48x	行情示意；以最新 EPS 为准
P/B	约 28x	净资产口径随季报更新
盈利收益率	约 2.1%	1/PE 近似
现价读法	约 218 USD	截至 2026-08-26 包内 KPI

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):

Valuation & return · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Net cash / IG; Q2 FCF ~$52B; strong OCF.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Q2 FY2027: DC $85.6B ~93% of revenue; GAAP EPS $2.98; FCF ~$52B. Track Blackwell supply, networking attach, CoWoS/HBM.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 FY2027 营收	$92.1B	+13% QoQ	Blackwell 放量
Data Center	$85.6B	DC 主导	占营收 ~93%
毛利率	~74.8%	GAAP	供给约束下仍高位
GAAP EPS	$2.98	单季	Non-GAAP 见 IR
FCF	~$52B	单季	股东回报弹药
Q3 指引	$98.5B ±2%	营收	未计中国 DC

Competition

Market share vs peers (illustrative):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
NVIDIA (self)	AI GPU ~80%+	~75%	CUDA full stack	Hyperscaler CapEx beta
AMD	AI challenger	~55%	EPYC + MI price/perf	ROCm / training gap
Broadcom	Custom XPU / net	EBITDA ~69%	Co-design contracts	Customer concentration
Cloud ASICs	Inference / captive	n/a	Captive TCO	Not merchant GPU

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
CEO	Jensen Huang	1993-04	No change
CFO	Colette Kress	2013-09	No change
Chair / CEO	Jensen Huang	1993-04	Combined roles; no disclosed change

Stability: Jensen Huang / Colette Kress long-tenured; high execution continuity.

Outlook

Near term: Q3 $98.5B delivery, Blackwell/Rubin supply, hyperscaler CapEx, buyback execution.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q2 FY2027 revenue vs $91B guide and DC growth
2. Blackwell / Rubin supply vs CoWoS & HBM bottlenecks
3. Hyperscaler CapEx commentary and buyback execution
4. China DC compute policy marginal changes
5. Sustainability of ~75% gross margin platform

References

1. NVIDIA IR / Q1 FY2027 — https://investor.nvidia.com/
2. SEC EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045810
3. Cross — TSMC · Micron · AMD

Not investment advice; defer to latest company filings.