Nvidia posted $96.2 billion in revenue for Q2, up 18 percent from the previous quarter and up 106 percent from a year ago.

The company said that GAAP and non-GAAP gross margins were both 75 percent. Company CFO Colette Kress said Nvidia expects fiscal 2028 revenue growth of 70 percent, significantly above market expectations.

“AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” said Jensen Huang, founder and CEO of Nvidia.

“And demand is accelerating. This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online - with strong momentum across the US and around the world. The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment.”

Data center-specific revenue increased 18 percent over the last quarter to $89bn. Hyperscale revenue hit $49bn, up 13 percent. Outside of hyperscale, Nvidia reports 'AI clouds, industrial and enterprise' (ACIE) as its own segment, which had revenue of $40bn, up 25 percent.

"Growth was driven by neocloud capacity additions to meet the rising demand from enterprises, AI start-ups and sovereigns as well as hyperscalers purchasing capacity to supplement their own build-outs," CFO Colette Kress said in an earnings call.

Kress added that Nvidia would be on track to double its revenue next year, but remains supply constrained.

She also commented on the company's controversial practice of financially supporting its customers, including backing OpenAI's massive SoftBank data center project in Ohio. "We expect them to become the largest technology companies in history," Kress said.

"We believe these investments measured against the strength of their demand, the business they create for us, the ecosystem they build on Nvidia's platform and the equity returns on our invested capital will be excellent, and our risk is limited."

She added: "For context, we expect demand from the AI labs for which we expect to leverage our balance sheet to contribute toward roughly a quarter of our business next year."

The company's expansion ever further into the stack, from GPUs to CPUs, to networking, to its new Groq hardware, also means that Nvidia makes more money from every data center it supports.

"Each gigawatt of data center increased from, say, $30bn [in revenue] about five years ago to now $60bn today," Kress said.