NVIDIA Q2 Revenue Doubles: The AI Computing Boom Persists, Helping to Extend the Semiconductor Super Cycle

$NVIDIA (NVDA.US)$ The latest Q2 earnings report and forward guidance once again validate the strong momentum of the data center business. From an institutional investor's perspective, the core signal released by this report is not merely a single company's outperformance, but rather the high degree of continuity and certainty in capital expenditure (Capex) on AI infrastructure by global hyperscale cloud service providers (Hyperscalers/CSPs).

As of July 26, NVIDIA's quarterly revenue reached $96.22 billion, a 106% year-over-year increase, far exceeding the market expectation of $92.18 billion. Adjusted earnings per share (EPS) came in at $2.22, also surpassing the market expectation of $2.10. Data center revenue hit a record $89.0 billion, up 117% year-over-year, accounting for approximately 92.5% of total revenue. [1]

Vera Rubin Ramps Up to Full Production, Ushering in a "New Era" of AI Infrastructure

NVIDIA CEO Jensen Huang stated at the earnings conference: "AI has reached an inflection point and is now performing useful work; its tokens are driving productivity and profitability. Today, compute power equals revenue." He emphasized that AI infrastructure construction is accelerating at full speed, with the next-generation AI supercomputing platform, Vera Rubin, now in full production. [2]

Vera Rubin racks are already operational at major cloud service providers including CoreWeave, Google Cloud, Microsoft Azure, Oracle OCI, and NEBIUS. [1] Within the data center segment, hyperscale revenue—the market's primary focus—reached $48.71 billion, exceeding expectations of $43.55 billion. This indicates that large cloud providers and hyperscale customers remain the main drivers of current AI infrastructure investment.

However, revenue from the ACIE business, which covers AI cloud, industrial applications, and enterprise-level applications, was $40.31 billion, falling short of the market expectation of $41.96 billion. This implies that while overall data center demand remains strong, this quarter's outperformance was primarily driven by hyperscalers. The expansion pace of demand from the enterprise sector, industrial sector, and certain AI cloud-related areas was slightly slower than previously anticipated by the market. [3]

Next-quarter guidance again exceeds expectations, with FY2025 revenue growth projected at 70%

NVIDIA forecasts Q3 revenue to be $108 billion (±2%), surpassing the market consensus. Notably, this guidance excludes any data center computing revenue from China. [3]

Boosting market sentiment, the CFO revealed during the earnings call that fiscal year 2028 revenue is expected to grow significantly by approximately 70%, far exceeding the previous analyst expectation of 44%. This news pushed NVIDIA's after-hours stock price from a decline to a gain. [3]

3132 HK: One-click allocation to global semiconductor leaders to diversify AI investment risks

NVIDIA has beaten earnings estimates for 15 consecutive quarters, validating the growth in AI compute demand. However, short-term volatility at the individual stock level cannot be ignored—NVIDIA's shares fell about 3% in after-hours trading following the earnings release before rebounding on positive comments from the CFO. This pattern of "beating earnings but seeing the stock fall first then rise" highlights the risks of concentrated positions in a single stock.

$Samsung Bloomberg Global Semiconductor ETF (03132.HK)$ Tracking the top 20 global semiconductor leaders, comprehensively covering multiple key links in the AI compute value chain—from chip design ( $NVIDIA (NVDA.US)$ 、 $Broadcom (AVGO.US)$ 、 $Advanced Micro Devices (AMD.US)$ ), memory chips ( $Samsung Electronics (005930.KR)$ 、 $SK Hynix (000660.KR)$ 、 $Micron Technology (MU.US)$ ), to advanced process foundry ( $Taiwan Semiconductor (TSM.US)$ ) and semiconductor equipment ( $ASML Holding (ASML.US)$ 、 $Applied Materials (AMAT.US)$ 、 $Lam Research (LRCX.US)$ ）。 $Samsung Bloomberg Global Semiconductor ETF (03132.HK)$ Enabling investors to capture the structural opportunities in the global semiconductor sector through a single transaction, while effectively diversifying the volatility risk associated with individual stocks.

Data and source: [1] Hong Kong Economic Times, August 27, 2026

[2] Bloomberg, as of August 27, 2026

[3] Wallstreetcn, August 27, 2026

Samsung Asset Management (Hong Kong), as of August 27, 2026

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