Nvidia is expected to report quarterly revenue of $92.18bn, close to double the same period last year and its fastest growth in seven quarters, with analysts forecasting a further rise to $104.20bn in the current quarter.
The numbers are not really the issue anymore, because the scrutiny has moved to how much of that demand the company is underwriting itself after arranging $500bn of financing for customers this month.
The commercial question for the quarter is the transition to Rubin. Shipments of the next-generation processors begin this autumn, and how quickly customers move off Blackwell determines whether the guidance holds.
Morgan Stanley expects Rubin to contribute nearly $9bn in the current quarter, on the argument that it unlocks a large improvement in what the bank calls AI factory economics. Nvidia has already said Vera Rubin is in full production with OpenAI deploying at scale.
The financing arrangements are where the analyst questions have concentrated. Alongside the $500bn package, Nvidia guaranteed up to $105bn for OpenAI’s Ohio data centre, which places the chipmaker somewhere between supplier and lender to its own customers.
