Nvidia Q2 Revenue Hits $96.2 Billion as AI Data-Centre Demand More Than Doubles
Nvidia’s revenue more than doubled in its latest quarter as spending on artificial-intelligence data centres continued to accelerate.
The chipmaker reported revenue of $96.22 billion for the fiscal second quarter ended July 26, 2026, up 18% from the previous quarter and 106% from a year earlier.
Data centres dominate the result
Data Centre revenue reached $89 billion, an increase of 117% year on year. That segment now accounts for the overwhelming majority of Nvidia’s business, reflecting purchases of accelerators, networking equipment and systems used to train and run large AI models.
The company said its Vera Rubin platform was moving into full production, with major cloud providers and specialist AI-infrastructure companies preparing deployments. Nvidia also highlighted networking, agent-focused CPUs and physical-AI products for robotics and autonomous vehicles.
Profit and expenses both increased
GAAP net income rose to $59.69 billion from $26.42 billion a year earlier. Diluted earnings per share increased to $2.46, while adjusted earnings were $2.22 per share.
Growth is also making the company more expensive to operate. Quarterly operating expenses rose 55% to $8.41 billion as Nvidia invested in research, product development and the infrastructure required to support a wider platform.
Next-quarter guidance
Nvidia expects fiscal third-quarter revenue of approximately $108 billion, plus or minus 2%. Its outlook assumes no Data Centre compute revenue from China, making the forecast a test of whether demand elsewhere can offset restrictions in that market.
The company expects a gross margin of about 74%, compared with 75% in the reported quarter. Maintaining margins while new systems ramp and component costs change will be closely watched.
Why the shares rallied
Nvidia shares rose 8.7% after the results, helping lift technology stocks and the broader Nasdaq market. Investors focused on revenue and profit exceeding expectations and on guidance that suggested AI-infrastructure demand had not slowed.
That rally does not remove valuation risk. Nvidia’s market value already assumes sustained expansion, and even strong results can disappoint if future growth or margins fall below elevated expectations.
What the figures say about the AI economy
The quarter shows that AI spending is moving beyond a small number of experimental projects. Cloud companies, model developers, governments and enterprises are purchasing systems at a scale that can generate revenue for chip, networking, power and data-centre suppliers.
Key constraints remain electricity availability, advanced-memory supply, construction time, financing and whether customers can earn enough from AI services to justify continued capital spending.
Nvidia’s results confirm that the infrastructure cycle remains exceptionally strong. The next question is whether software and service revenue across the wider economy can grow fast enough to support it.
This report describes company results and market reaction; it is not a recommendation to buy or sell securities.
