$NVDA (+1,09%) Statements from the earnings call:
– First annual forecast in the company’s history: approximately 70% revenue growth in fiscal year 2028. Customer forecasts indicate a doubling —the 70% figure represents the maximum the supply chain can handle. The bottleneck is expected to persist at least until the end of fiscal year 2028.
– Revenue per gigawatt increases with each generation: $18 billion with Hopper, $25 billion with Grace Blackwell, $40 billion with Vera Rubin. Vera Rubin is expected to account for about 20% of data center revenue in the third quarter and to be the fastest product ramp-up in the company’s history.
– Half of the business comes from outside the hyperscalers: The ACIE segment generated $40 billion, up 138% compared to the previous year. Neocloud partners are expected to close the year with 8 GW of installed capacity, up from approximately 3 GW at the end of 2025.
– $AMZN (+0,95%) is expanding the partnership: an additional 2 million GPUs starting this quarter through the second quarter of fiscal year 2029. The five largest hyperscalers are expected to reach just under $800 billion in 2026, and around $1.3 trillion.
– Memory prices are squeezing margins: from 75% to 74% in the third quarter; the low point is expected to be 71–72% in the fourth quarter. Kress (CFO) describes the price trend as extreme and well above the company’s own expectations—citing the AI expansion itself as the cause.
– Kress (CFO) on circle financing: just under $50 billion has been invested in Frontier Labs, in addition to financing platforms involving six investors totaling more than $500 billion in third-party capital. “We do not issue loans.” These labs are expected to generate account for about a quarter of total revenue.
– China is left out: Less than 1% of data center revenue came from China in the second quarter; the outlook projects zero revenue from China.