Phoenix 24
Record revenue confirms extraordinary growth, but investors are asking who ultimately pays for it.
SANTA CLARA, CALIFORNIA | AUGUST 2026
Nvidia reported quarterly revenue of $96.2 billion, exceeding Wall Street’s forecast of approximately $92.2 billion as demand for artificial intelligence infrastructure continued to expand. The result represented a 106 percent increase from the same period a year earlier and reinforced the company’s position at the centre of the global AI investment cycle.
Data-centre revenue reached $89 billion, rising 117 percent year over year and accounting for almost all of Nvidia’s growth. Net income climbed to approximately $59.7 billion, while adjusted earnings reached $2.22 per share, above analysts’ expectations. The company forecasts revenue of around $108 billion for the next quarter, excluding potential sales to China.
Chief executive Jensen Huang described AI as having reached an inflection point because computing capacity is increasingly producing measurable economic output. Nvidia’s Blackwell processors currently power much of the expansion, while the next-generation Vera Rubin platform is expected to begin shipping during the second half of the year. The company says its order pipeline for 2026 and 2027 is approaching $1 trillion, although that figure comes from management commentary and has not been independently verified through financial reporting.
Despite the results, Nvidia shares fell approximately 1.8 percent in after-hours trading after declining 1.6 percent during the regular session. The muted reaction reflects exceptionally high market expectations. With a valuation exceeding $5 trillion, even record earnings may be insufficient if investors detect any sign that growth, margins or future demand could weaken.
Concentration remains one of the principal risks. Nvidia depends heavily on major technology companies such as Amazon, Google and Microsoft, all of which are developing proprietary chips to reduce reliance on external suppliers. The company is also helping finance the infrastructure supporting its own future sales, including participation in a proposed $500 billion data-centre fund and commitments of up to $105 billion connected to an OpenAI project in Ohio. Critics warn that such arrangements could create circular financing, while Nvidia maintains that demand is productive and commercially sustainable.
China represents another source of uncertainty. US export restrictions previously blocked sales of Nvidia’s H20 processor, while later authorisations permitted limited shipments of the more powerful H200 to approved customers. Beijing is simultaneously encouraging domestic companies to prioritise Chinese alternatives. Nvidia therefore omitted China-related revenue from its latest forecast.
The results demonstrate that the AI infrastructure boom remains powerful, but they do not settle the debate over its durability. Nvidia has proved that artificial intelligence generates enormous demand for computing. The next test is whether the companies purchasing that capacity can generate returns proportionate to the capital being invested.
Detrás de cada dato, la intención. / Behind every data point, the intention.