Nvidia grew revenue 106% YoY to $96.2 billion in the quarter to 26 July. Data Centre revenue more than doubled to $89.0 billion. Management guided the next quarter to $108.0 billion and, for the first time, gave a year-ahead outlook: revenue growth of about 70% in FY28, limited by supply rather than demand.
Behind the numbers, Nvidia is doing more to make sure its customers can buy. It has guaranteed leases at a data-centre campus being built for an OpenAI affiliate, with payments capped at $105 billion. The guarantees phase in from FY2029. It has agreed to buy capacity that its AI cloud partners cannot sell. It has also given some customers longer to pay. Free cash flow fell by more than half QoQ, even as revenue rose 18% QoQ.
In today's note, we cover the business, the quarter and the guide, the cash and the commitments behind the growth, and valuation.
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