Nvidia reported Q2 revenue of $46.7 billion, up 56% YoY, exceeding guidance. Q3 guidance of $54.0 billion suggests 54% YoY growth. AI product demand remains strong, excluding China revenue. Fair value estimate raised to $190 with Very High Uncertainty Rating. AI revenue increasing steadily, with a $7 billion boost expected in Q3.

Nvidia anticipates 50% global AI market growth, confident in customer buildout plans. Management projects up to $4 trillion in data center spending by 2030, with Nvidia capturing a third of this to date. Despite fair value increase, potential for upside in 2026 growth and beyond current consensus estimates.

Read more at Morningstar: No Signs of a Slowdown in Demand for AI Chips