NVDA
NVIDIA Corporation
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for NVIDIA Corporation.
Coverage
The Non-Linear Rise of AI Tokens: Why Cheaper Intelligence Creates More Demand
Token prices are collapsing while usage is exploding. The reason is a sequence of demand regimes—from chat to coding agents to persistent multi-agent systems—enabled by waves of new inference capacity.
NVIDIA Q2 FY2027 Earnings Preview
Nvidia reports the July quarter after the close on Wednesday. Consensus of $91.85B sits 0.93% above the company's own $91.0B midpoint — inside its ±2% tolerance — so the revenue line is pre-negotiated. Nvidia has beaten by 5.1%, 5.3%, 8.3% and 10.0% over four quarters and fallen after every one. What is open: the October guide against $103.96B, a gross margin two credible parties disagree about by two points, and an EPS consensus that is $2.01 or $2.08 depending on which feed you read.
Waymo's Custom Silicon Is a Real Step Down in Cost. At $125,000 a Car Against a Cybercab We Put at $20,000-$30,000, It Is No Threat Yet to Tesla's Scale.
Waymo cut $75,000 out of its robotaxi in one generation and its new 5nm ASIC is a genuine piece of engineering. It is also a front-end sensor processor whose 1,000-plus TOPS run before the driving stack, and it sits on the small half of a vehicle Morgan Stanley puts at $125,000 — four to six times what we estimate a Cybercab costs to build.
Cerebras Just Shipped an Inference Machine With No HBM. It Holds 132 Gigabytes on Wafer, and the Models It Advertises Need 50,000.
The CS-4 is the concrete existence proof that inference silicon can be built without high-bandwidth memory: three wafer-scale engines, 750 PFLOPS, 129.6 PB/s, no HBM. It also holds 132 GB of on-wafer SRAM against the 50-trillion-parameter models it advertises, which need 25,000 to 100,000 GB. The weights have to live in DRAM, and Cerebras would need 7.6× its current revenue to dent Micron's cloud-memory line under an assumption that cannot be true.
Google's $12.2 Billion Marvell Warrant Is What Google Would Pay, Not What It Gets. Ninety-Eight Percent of It Vests Against $120 Billion of Revenue.
Marvell issued Google a warrant over 58,970,907 shares at $206.58. The $12.18B in every headline is the aggregate exercise price. Only 1,360,867 shares vest on time; the rest vest in 240 tranches, one for each $500M of custom product revenue — $120 billion in all, against a $12.7B full-year guide.
Beijing Let 20,000 H200s In. NVIDIA's Outlook Assumes Zero China Revenue, and 20,000 Chips Is Smaller Than the Rounding on One Quarter's Guide.
The FT reports ByteDance and Tencent each received about 10,000 H200s. At any plausible price that is $0.5–0.8B against a $91.0B guided quarter — inside the ±2% tolerance on the guidance itself. Our model already carries a China case, and the gap between it and the base case is $105 a share. The question is whether 20,000 chips are a channel or a batch.
Where the revenue goes next
Latest: $81.61B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $3.87B |
| 2020Q4 | $4.73B |
| 2021Q1 | $5.00B |
| 2021Q2 | $5.66B |
| 2021Q3 | $6.51B |
| 2021Q4 | $7.10B |
| 2022Q1 | $7.64B |
| 2022Q2 | $8.29B |
| 2022Q3 | $6.70B |
| 2022Q4 | $5.93B |
| 2023Q1 | $6.05B |
| 2023Q2 | $7.19B |
| 2023Q3 | $13.51B |
| 2023Q4 | $18.12B |
| 2024Q1 | $22.10B |
| 2024Q2 | $26.04B |
| 2024Q3 | $30.04B |
| 2024Q4 | $35.08B |
| 2025Q1 | $39.33B |
| 2025Q2 | $44.06B |
| 2025Q3 | $46.74B |
| 2025Q4 | $57.01B |
| 2026Q1 | $68.13B |
| 2026Q2 | $81.61B |
Latest: $2.39 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $0.03 |
| 2020Q4 | $0.05 |
| 2021Q1 | $0.06 |
| 2021Q2 | $0.08 |
| 2021Q3 | $0.09 |
| 2021Q4 | $0.10 |
| 2022Q1 | $0.12 |
| 2022Q2 | $0.06 |
| 2022Q3 | $0.03 |
| 2022Q4 | $0.03 |
| 2023Q1 | $0.06 |
| 2023Q2 | $0.08 |
| 2023Q3 | $0.25 |
| 2023Q4 | $0.37 |
| 2024Q1 | $0.49 |
| 2024Q2 | $0.60 |
| 2024Q3 | $0.67 |
| 2024Q4 | $0.78 |
| 2025Q1 | $0.90 |
| 2025Q2 | $0.76 |
| 2025Q3 | $1.08 |
| 2025Q4 | $1.30 |
| 2026Q1 | $1.76 |
| 2026Q2 | $2.39 |
Latest: 50.2 (2025Q4)
| Period | Value |
|---|---|
| 2020Q1 | 52.0 |
| 2020Q2 | 54.4 |
| 2020Q3 | 77.7 |
| 2020Q4 | 81.7 |
| 2021Q1 | 75.1 |
| 2021Q2 | 70.8 |
| 2021Q3 | 69.3 |
| 2021Q4 | 78.6 |
| 2022Q1 | 63.5 |
| 2022Q2 | 49.6 |
| 2022Q3 | 59.5 |
| 2022Q4 | 57.4 |
| 2023Q1 | 112.2 |
| 2023Q2 | 144.4 |
| 2023Q3 | 112.8 |
| 2023Q4 | 53.8 |
| 2024Q1 | 51.5 |
| 2024Q2 | 50.5 |
| 2024Q3 | 54.9 |
| 2024Q4 | 52.2 |
| 2025Q1 | 40.9 |
| 2025Q2 | 35.1 |
| 2025Q3 | 50.7 |
| 2025Q4 | 50.2 |
Latest: $48.59B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $1.35B |
| 2020Q4 | $806M |
| 2021Q1 | $1.78B |
| 2021Q2 | $1.58B |
| 2021Q3 | $2.50B |
| 2021Q4 | $1.30B |
| 2022Q1 | $2.76B |
| 2022Q2 | $1.37B |
| 2022Q3 | $837M |
| 2022Q4 | -$138M |
| 2023Q1 | $1.74B |
| 2023Q2 | $2.66B |
| 2023Q3 | $6.06B |
| 2023Q4 | $7.05B |
| 2024Q1 | $11.24B |
| 2024Q2 | $14.98B |
| 2024Q3 | $13.51B |
| 2024Q4 | $16.81B |
| 2025Q1 | $15.55B |
| 2025Q2 | $26.19B |
| 2025Q3 | $13.47B |
| 2025Q4 | $22.11B |
| 2026Q1 | $34.90B |
| 2026Q2 | $48.59B |
Latest: $24,300,000,000.00 (2026Q3)
| Period | Value |
|---|---|
| 2018Q2 | $600,171,277.00 |
| 2018Q3 | $605,647,276.00 |
| 2019Q1 | $607,171,892.00 |
| 2019Q2 | $608,000,000.00 |
| 2019Q3 | $610,000,000.00 |
| 2020Q1 | $615,000,000.00 |
| 2020Q2 | $617,000,000.00 |
| 2020Q3 | $612,000,000.00 |
| 2021Q3 | $619,000,000.00 |
| 2022Q1 | $623,000,000.00 |
| 2022Q2 | $2,500,000,000.00 |
| 2022Q3 | $2,500,000,000.00 |
| 2023Q1 | $2,500,000,000.00 |
| 2023Q2 | $2,490,000,000.00 |
| 2023Q3 | $2,460,000,000.00 |
| 2024Q1 | $2,470,000,000.00 |
| 2024Q2 | $2,470,000,000.00 |
| 2024Q3 | $2,470,000,000.00 |
| 2025Q1 | $2,460,000,000.00 |
| 2025Q2 | $24,530,000,000.00 |
| 2025Q3 | $24,490,000,000.00 |
| 2026Q1 | $24,400,000,000.00 |
| 2026Q2 | $24,300,000,000.00 |
| 2026Q3 | $24,300,000,000.00 |
Latest: $263.11B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $15.44B |
| 2020Q4 | $16.25B |
| 2021Q1 | $18.03B |
| 2021Q2 | $19.61B |
| 2021Q3 | $22.11B |
| 2021Q4 | $23.40B |
| 2022Q1 | $26.16B |
| 2022Q2 | $27.53B |
| 2022Q3 | $28.37B |
| 2022Q4 | $28.23B |
| 2023Q1 | $29.97B |
| 2023Q2 | $32.63B |
| 2023Q3 | $38.69B |
| 2023Q4 | $45.75B |
| 2024Q1 | $56.99B |
| 2024Q2 | $71.97B |
| 2024Q3 | $85.48B |
| 2024Q4 | $102.29B |
| 2025Q1 | $117.84B |
| 2025Q2 | $144.03B |
| 2025Q3 | $157.50B |
| 2025Q4 | $179.62B |
| 2026Q1 | $214.52B |
| 2026Q2 | $263.11B |
Latest results
Company History
Founded on April 5, 1993, in Sunnyvale, California, by Jensen Huang, Chris Malachowsky, and Curtis Priem, starting with $40,000 and $20 million in venture capital.
Released RIVA 128 graphics accelerator, selling about a million units within four months after layoffs reduced staff from 100 to 40, saving the company.
Went public on January 22, 1999, with shares surging 64%; released GeForce 256 (first GPU) in late 1999.
Invested over a billion dollars to develop CUDA, a software platform enabling GPUs for parallel computing in AI.
Released RTX 2080 GPUs, introducing ray tracing for realistic graphics.
Became the seventh U.S. company to reach $1 trillion market valuation, driven by AI datacenter hardware demand.
Closed above $2 trillion on March 1, 2024, and became the world
Reached $5 trillion on October 29, 2025, as the first company ever to do so, amid soaring AI demand.
Key Players
showing 6 of 18
The CEO view — 9 podcasts, interviews & articles →
Similar stocks in Mega-Cap Tech
Funds we follow holding NVDA
By latest reported 13F position value. Market value at quarter-end, not cost basis.
