It’s Nvidia Day: Watch the biggest company on earth beat earnings live at the bell

Nvidia (NASDAQ: NVDA) expects roughly $108 billion in revenue for the current quarter, with management allowing for a 2% swing in either direction.

Wall Street had been looking for about $104.2 billion, putting the company’s midpoint comfortably above the consensus estimate.

One important detail sits behind that forecast: Nvidia is assuming zero China data-center revenue for the period. The company is therefore projecting another huge quarter without counting on that market to contribute to its core server-chip business.

Nvidia also booked a $7.8 billion investment gain during the latest quarter. That was down from the $15.9 billion recorded in the first quarter.

The company has been putting capital into several businesses tied to the broader technology and AI ecosystem, including Intel (NASDAQ: INTC) and SpaceX.

Jensen Huang, Nvidia’s CEO, said the AI market has moved into a very different phase from where it stood a year ago.

Jensen pointed to a sharp increase in the number of companies building massive GPU clusters, with demand no longer coming from just one dominant laboratory.

He said the market now includes multiple frontier AI labs, a growing group of startups, open-model developers and companies working on physical AI, with activity expanding both across the United States and internationally.

Nvidia’s purchasing obligations also jumped sharply. Supply commitments rose to $279 billion from $119 billion in the previous quarter, more than doubling in three months. The company said most of that increase was tied to securing memory needed for future production.

Nvidia (NASDAQ: NVDA) came in ahead of Wall Street’s fiscal second-quarter estimates on both profit and sales, then gave investors a stronger-than-expected outlook for the next period. Even with that beat, the shares moved lower in Wednesday’s after-hours session.

On an adjusted basis, Nvidia delivered $2.22 per share, above the $2.10 analysts tracked by LSEG had penciled in. Revenue reached $96.22 billion, beating the $92.17 billion consensus figure.

The scale of the expansion is still huge. Quarterly revenue climbed from $46.7 billion a year earlier, meaning the business has now grown to more than twice its size over the same period.

Profit followed the same direction. Net income hit $53.95 billion, equal to $2.22 per share, compared with $24.76 billion, or $1.87 per share, in the comparable quarter last year.

Nvidia remains one of the main companies powering the artificial intelligence buildout. Its processors are widely used to train and run advanced AI systems, while the company has also started playing a bigger financing role by helping support projects that need capital to get new AI data centers built.

Bitcoin is getting another lift as investors return to assets they see as protection against a weakening dollar.

Bernstein now sees the OG crypto reaching $300,000 by the end of 2029, which would put it roughly 285% above its latest price and close to four times where it was trading when the call was published.

Gautam Chhugani, an analyst at Bernstein, said the firm’s cost-based model points to $150,000 by the middle of 2027 before Bitcoin eventually climbs toward the $300,000 level in 2029.

Gautam’s projection comes as concerns around U.S. government borrowing and inflation bring the so-called debasement trade back into focus, with investors moving toward assets whose supply is limited or difficult to expand.

The backdrop has become harder to ignore. U.S. federal debt moved above $40 trillion earlier this month, roughly twice the amount outstanding in 2016.

Soon after that milestone, the Treasury Department stepped up its bond repurchase activity in an effort to keep yields from moving higher. Those developments have added to expectations that the dollar could lose purchasing power over time.

Bitcoin has already started reflecting some of that shift. The token moved above $80,000 on Monday, its first trip past that level since May. It was most recently changing hands at $78,045.70, leaving it up 21% over the past month.

Bernstein also sees a possible knock-on effect for Strategy Inc. (NASDAQ: MSTR), the biggest corporate owner of Bitcoin.

The company controls about 4% of the world’s Bitcoin supply, while its balance sheet has improved enough to provide roughly 3.9 times coverage for annual dividend payments. Its STRC perpetual preferred stock has also climbed back to about $97.

Gautam said a continued Bitcoin advance, combined with STRC returning to $100, could put Strategy in a position to accelerate Bitcoin purchases again.

Bernstein still rates the stock outperform, though it cut its 12-month target to $350 from $450. Even after that reduction, the new target leaves room for about 176% upside from Tuesday’s closing price.

Wall Street remains heavily tilted toward the same direction. Eighteen of the 20 analysts tracked by LSEG who cover Strategy currently have either a buy or strong-buy rating on the shares.

The stock itself has had a much rougher year than Bitcoin, falling almost 20% in 2026 and sitting about 65% below its level from a year earlier.

Nvidia (NASDAQ: NVDA) heads into Wednesday’s after-hours report with a problem most companies would happily take: it has performed so well that simply delivering another strong quarter is no longer enough.

Despite clearing or beating Wall Street’s key markers of earnings, sales, and guidance for the past four quarters in a row, shares of the world’s biggest company ended down the next day after each report.

The one and only weakness of this run was the second quarter from last year, where Nvidia’s forecast met the consensus estimates rather than topping them.

That pattern of results has changed how analysts perceive the forecasts of the firm. To put it simply, a positive-looking estimate can fall short despite being favorable if Wall Street believes the actual number will be even better in the end.

That task is even harder to perform because Nvidia is responsible for a large portion of the AI investment boom all over the globe right now. The firm is not only the leading provider of the needed hardware but plays an increasing financial role in the whole ecosystem as well.

For the second quarter, analysts tracked by FactSet (NYSE: FDS) are looking for $2.09 a share in earnings and $92.2 billion in revenue. Cantor Fitzgerald said the market is currently penciling in $103.7 billion of sales for the third quarter.

That next-quarter number could matter more than almost anything else Nvidia says. Kevin Cassidy of Rosenblatt Securities said a forecast above $105 billion would be enough to catch investors’ attention, while $110 billion would land as an exceptionally strong result.

Kevin also said another thing could help if the operating numbers fail to shock Wall Street: a clear commitment to send 50% of free cash flow back to shareholders through stock repurchases and a larger dividend.