Nvidia Posts $96 Billion Q2 Revenue as Morningstar Lifts Fair Value to $310
Updated
Updated · Morningstar · Sep 3
Nvidia Posts $96 Billion Q2 Revenue as Morningstar Lifts Fair Value to $310
2 articles · Updated · Morningstar · Sep 3
Summary
$96 billion in fiscal Q2 revenue beat Nvidia’s $91 billion guidance, and the company projected $108 billion for the October quarter, ahead of $105 billion consensus.
A 70% fiscal 2028 growth forecast was the standout, implying nearly $700 billion in revenue versus prior estimates around $570 billion; Nvidia said even that outlook is supply constrained.
Morningstar raised its fair value estimate to $310 from $280, arguing AI demand is still accelerating and that top five US hyperscalers could spend $1.3 trillion on AI capex next year.
Gross margin guidance was the main weak spot: Nvidia sees 74% in October, 71.5% in January and 72.5% for fiscal 2028, pressured by rising memory prices in AI racks.
Shares rose 4%, but Morningstar still calls the stock moderately undervalued even as it flags very high uncertainty tied to AI spending concentration, custom chips and China restrictions.