Today, Nvidia released its second-quarter fiscal year 2026 financial results, showing revenue reaching $46.7 billion (approximately RMB 334.245 billion), a 56% year-over-year increase and a 6% quarter-over-quarter increase. Of this total, the data center business contributed $41.1 billion, accounting for over 80%, becoming the core growth engine. Driven by the surge in sales of Blackwell architecture products, data center revenue increased 5% quarter-over-quarter, with Blackwell-related revenue increasing 17%. CEO Jensen Huang emphasized that amid the surge in demand for AI inference and training, the Blackwell architecture is becoming the core foundation of global AI platforms.
Although revenue exceeded analysts' expectations of $46.06 billion, the margin of error was a multi-quarter low, resulting in a lukewarm reaction from Wall Street. Following the release of the earnings report, Nvidia's stock price fell 4% in after-hours trading, ultimately closing down 3.5%. The market is concerned that limited returns to AI software companies due to high-priced GPUs may affect future demand. However, the company's upcoming Rubin GPU is expected to achieve breakthroughs in inference performance and may become a new growth driver.
Regarding financial data, NVIDIA reported a GAAP gross margin of 72.4% and a non-GAAP gross margin of 72.7% for the quarter, resulting in diluted earnings per share of $1.05. The company returned $24.3 billion to shareholders through share repurchases and dividends in the first half of the year, and added $60 billion in repurchase quotas. Notably, while no H20 products were sold to Chinese customers this quarter, $650 million of H20 products were sold to other regions, freeing up $180 million in inventory.
