Nvidia’s upcoming earnings may hinge on including China in its outlook, potentially adding $2-3 billion in revenue, per KeyBanc. Q2 results look strong, driven by Blackwell GPU demand, but Q3 guidance may be conservative due to US-China export license uncertainty. KeyBanc forecasts growth even without China, with increased GPU supply and ramping Blackwell Ultra shipments reinforcing Nvidia’s AI chip dominance.

KeyBanc boosts full-year GB200 shipment forecast for Nvidia’s AI systems. China’s exclusion from guidance mirrors AMD’s approach amid regulatory uncertainty. KeyBanc raises Q2 revenue estimate to $47.1 billion and EPS to $1.05, citing Chinese impact. However, Nvidia’s agreement to pay US government royalties and China’s focus on domestic AI chips could lead to a more cautious financial outlook.

For Q3, KeyBanc trims revenue estimates to $50.4 billion and EPS to $1.14, citing China risks. Long-term, fiscal 2027 expectations rise due to increased rack shipments to hyperscalers like Amazon, Microsoft, and Google. Despite challenges, Wall Street sees Nvidia as undervalued, with shares up over 30% YTD and 35% in the past year.

Read more at Yahoo Finance: Why this is a must-watch in Nvidia’s earnings report