Nvidia will report its second-quarter results after the US market closes on Wednesday, with analysts expecting revenue of roughly $92 billion and investors treating the chipmaker’s guidance as a verdict on whether the artificial intelligence rally still has room to run. The past quarter is expected to be enormous, but what will move markets is what chief executive Jensen Huang says about the months ahead.
Nvidia matters more than most companies because it makes the chips that power the AI boom, and it has become a proxy for the entire rally. The report follows a difficult run for the stock, which fell for seven consecutive sessions, its longest losing streak since 2022, before rebounding around 3 percent ahead of the results. For August the shares are still up about 8 percent, and more than 13 percent since the start of the year.
Europe’s chipmakers have as much riding on the guidance as Wall Street. ASML, the Dutch group whose lithography machines underpin Nvidia’s supply chain, has raised its 2026 sales forecast twice this year on AI demand, and its shares, along with those of Dutch chip-equipment maker BE Semiconductor and German optics group Jenoptik, tend to move in step with Nvidia’s outlook.
Analysts polled by Bloomberg expect adjusted earnings of $2.09 a share on revenue of about $92 billion, which would mark 96 percent growth on the same quarter a year earlier. Nvidia itself guided to $91 billion, give or take 2 percent, leaving consensus less than a percentage point above the company’s own midpoint, a narrow gap that raises the bar. Data-centre revenue alone is forecast to top $85 billion, up around 105 percent. The company has beaten Wall Street estimates in 22 of the past 24 quarters.
The main concern is concentration. Nvidia still draws the bulk of its revenue from Amazon, Google and Microsoft, each of which is designing its own chips to reduce reliance on it. Huang’s commentary on demand into 2027 therefore carries more weight than any single figure, especially after July’s market wobble over whether vast AI investments will pay off. Nvidia’s answer has been to help finance the buildout itself, assembling a $500 billion capital pool with Wall Street firms and backing an eight-gigawatt data centre in Ohio alongside OpenAI.
