NVDA 2Q25:Demand Remains Robust, Hopper Pricing Stable Despite Blackwell Launch

NVIDIA FY26Q2 revenue is projected at $47.4bn. Excluding potential H20 shipments (~$3bn in revenue), Q3 guidance points to $54-55bn, with actual likely reaching $56-57bn. While market expectations are elevated, given continued surge in marginal compute demand and strengthening visibility into CY26, we maintain our bullish outlook on the overall trajectory.

Q2 revenue breakdown

NVIDIA Q2 revenue projected at $47.4bn, with DC revenue at $42bn, benefiting from improved GB200 yield rates around 72%. Q2 shipment breakdown by product

• B200 expected to ship ~1.03M units in Q2, with GB200 NVL72 equivalent shipments around 10,000 racks

• Networking business expected to contribute ~$6bn in Q2, driven by GB200 ramp and significant QoQ growth in NVSwitch revenue

Q3 guidance and expectations

NVIDIA Q3 official guidance excluding H20 shipments is $54-55bn, with actual likely $56-57bn. DC revenue projected at $50-51bn, with GM recovering to ~72.9% benefiting from GB200 scale production and marginal cost improvements