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11 hours ago
NVDA Q2 FY26 First Take: Jensen Huang has already guided for a combined $1tn in Blackwell+Rubin revenue over 2025–2027 (calendar), so even a short-term revenue beat matters less.
Investors are focused on growth into FY27/FY28.In this print, the company provided core incremental disclosures: Commitments (upstream), Additional Commitments (downstream), and Guarantees (credit support).
Most notably, it has locked in memory and other upstream supply for FY28–FY29, while stepping up downstream market development.Taken together with its earlier $500bn compute financing platform, NVDA is building a system.
The system spans upstream stocking to seed downstream demand, backed by credit enhancement and a distribution mechanism.The stock's valuation looks relatively undemanding, largely because investors worry about the durability of growth.
Management's new disclosures on locked upstream supply and downstream customer development aim to signal confidence in sustained growth.For detailed takeaways, follow Dolphin Research's upcoming commentary and Trans. $NVIDIA(NVDA.US)
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